What does "Second verse, same as the first" mean?

It signifies that the second verse has the same lyrics as the first.

Example:

I’m Henry the eighth.

Henry the Eighth I’m, I’m, I’m, I’m, I’m

I married the widow next door.

She’s been married seven times.

And every one of them was a Henry (Henry),

She’d never have a Willy or a Sam (no Sam)

I’m her eighth elderly guy. I’m Henry.

Henry the Eighth I am a

The second verse is the same as the first.

I’m Henry the eighth.

Henry the Eighth I’m, I’m, I’m, I’m, I’m

I married the widow next door.

She’s been married seven times.

And every one of them was a Henry (Henry),

She’d never have a Willy or a Sam (no Sam)

I’m her eighth elderly guy. I’m Henry.

Henry the Eighth I am a

(shouts)

(solo guitar)

I’m Henry the eighth.

Henry the Eighth I’m, I’m, I’m, I’m, I’m

I married the widow next door.

She’s been married seven times.

And every one of them was a Henry (Henry),

She’d never have a Willy or a Sam (no Sam)

I’m her eighth elderly guy. I’m Henry.

Henry the Eighth I am a

H-E-N-R-Y

‘Henry’ (Henry) ‘Henry’ (Henry)

Henry the Eighth I’m, I’m, I’m, I’m, I’m

Henry the Eighth I am a.