[[caption-width-right:177:[[FunWithAcronyms Coffee]] just means Coed Fun Fest Evening Extravaganza [[SuspiciouslySpecificDenial not anything naughty at all]].]]
The meaning under the text. Here's an example from Creator/WoodyAllen's ''Film/AnnieHall''. The subtext is directly under the text, in italic.
''Oh, God, nobody cool says Hi.''\\
''I'd love to take her out. I hope my deodorant's working.''\\
''He's talking to me! And he'll hate my silly dress.''\\
(Taking a furtive step toward her)\\
Just look at the clouds over there.\\
''I've got to find out who she is.''\\
I'm Leslie ...\\
''What a stupid name. He'll hate it and hate me.''\\
''I just love her name.''
The example is about a sexual attraction, but there are tons of other things that it could be about, anything which is not being said out loud about a topic that is present in the context.