Plain English Meaning
The specific speed to fly when the engine is not producing power and you want the airplane to travel as far as possible while it descends.
Full Definition
The airspeed at which an airplane, with the engine producing no thrust, achieves the most efficient ratio of forward distance traveled to altitude lost. It is published in the Pilot's Operating Handbook and is the speed used during a power-off glide to maximize range or reach a chosen landing spot.
Context Anchor
Used during power-off approaches, engine-out , and any where the pilot must the airplane’s without adding power.