The null coalescing operator in PHP checks if a variable exists and is not null. If it is, it uses that variable's value; if not, it uses a fallback value. For example, $username = $_GET['user'] ?? 'guest'; means if the 'user' parameter exists in the URL and is not null, $username gets that value; otherwise, it gets 'guest'. The execution table shows step 1 checking if $_GET['user'] is set and not null. Since it is not set, the fallback 'guest' is assigned. Step 2 outputs $username, which is 'guest'. This operator helps avoid errors from undefined variables and provides a simple way to set default values.