In plain words
The poet, to the Lord: O Lord, the first cause! You are the one form [in the highest heaven], the three forms [Saṅkarṣaṇa, Pradyumna and Aniruddha], and the four forms [primal matter, the soul, the unmanifest and time]; and you take countless forms [in your descents], each full of mercy, each a form of delight, each a form brought about by the merit of the fortunate. You lie in the good milky sea, where you gladly dwell, with the body of the serpent [Ādiśeṣa] for your bed; and beyond all this you take whatever form your devotees wish [in the temples]. How wondrous is the way of it!