drstam srutam bhuta-bhavad-bhavisyat
sthasnus carisnur mahad alpakam ca
vinacyutad vastu taram na vacyam
sa eva sarvam paramatma-bhutah
Nothing can be said to exist independent of Lord Acyuta — nothing heard or seen, nothing in the past, present or future, nothing moving or unmoving, great or small. He indeed is everything, for He is the Supreme Soul.
Sri Uddhava is relieving the distress of Nanda and Yasoda by bringing them to a more philosophical plane. He is explaining that since Lord Krsna is everything and is within everything, His pure devotees are always with Him.