Yes, LTS = Long Term Support
Ubuntu is released every 6 months, and every 4th release is an LTS
NON-LTS releases are supported for 18 months and LTS releases are now supported for 5 years.
So you can decide whether you'd prefer the latest and (sometimes) greatest, but have to upgrade every 6 months (with the risks that carries) .. or the generally more stable LTS that you can stick with as long as you like, but some of the software might start to become a little dated after a while (eg. it's not going to get a new version of hplip for more recent printers in the default repositories)
Obviously businesses tend to like the stabiity of LTS releases (and so do I) .. but home users may like the new features in the latest release.
Does that cover it ?
You can see the support cycles (when releases will reach end of life) here:https://wiki.ubuntu.com/Releases