E = mc2 general understanding

Tonight I actually sat down read about the famous equation E = mc2. I'd heard it many times but never bothered to understand what it all means. Essentially it is a formula to convert the mass of an object to energy. Therefore understanding that anything that has mass, has an equivalent amount of energy and vice versa. Energy = mass x speed of light squared. I'm a science novice so would like to know from greater minds if my understanding of this is correct?