Interpreting modulus formula $a\cdot b+c\cdot d\equiv 1\mod (bd)$

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I'm studying for my final right now, and I came across this equation in my notes

$$(−11)\cdot47 + 14\cdot37 \equiv 1\mod (37\cdot 47)$$

Its been so long since i have seen something like this and i'm not sure if I am interpreting it right. I tried looking it up but couldnt find anything on it.

Does it mean $14\cdot 37\equiv1 \mod 47$ and $-11\cdot 47\equiv1 \mod 37$ and does it work like that for all equations in this formula?