For a simple clip from a film, this is a rather important moment for the story. Here we see Alma LeFay Peregrine (Eva Green) explaining to Jacob Portman (Asa Butterfield) what she is. It's called a Ymbrynes… besides the power to turn into a falcon (peregrine is the French word for falcon), she also has the ability to create and maintain a time loop. This loop allows her to create a place to protect peculiar children, looping the same day over and over again.
Besides the spot on last name, the middle name LeFay is interesting in that Eva Green played Morgan LeFay in the 2011 series Camelot.