As organic waste breaks down (fish poo, uneaten food, etc) it is converted through a cycle into nitrates. Many corals will not do well with high nitrates. The skimmer uses a process in much the same way the foam in an ocean wave works. When the air is injected it bonds with the protein and then floats to the top and overflows into the skimmer collection cup to be removed. It keeps all that nasty stuff from even having a chance to break down as it's removed before it becomes nitrates.
Common terms are skimming "wet" or "dry" and basically refers to the amount of skimmate being produced. Wet skimming will usually produce an olive green gunk more quickly than Dry skimming which can produce dark brown to black sticky gunk. With wet skimming you'll have to empty the cup more and closely monitor the
salinity of the tank as it does remove some salt water as well, where with dry skimming you'll have to empty the cup less, but it will be nastier and more concentrated.
I prefer to skim wet and just keep the salinity/s.g. in check with a strict
water change schedule.