It means that your actions speak louder than words. What you DO is more impoortant than what you SAY. For example, if you come home drunk, saying that you didn't drink anything doesn't make you sober.
Maxiogee: I hear what you say, but I know what you did is great.
Thank you.
It's a modification of a saying which we had in my family of origin when someone said "Well I meant to say...." after having said something which turned out to be rude or outrageous.... "We know what you meant, but we heard what you said!"