Zhège xiàngmù shībài le, huànjùhuàshuō, wǒmen de qián bái huā le.
The project failed; in other words, our money was wasted.
Tips
grammar
换句话说 is a transitional phrase used at the beginning of a clause, often preceded by a comma. Similar expressions: 也就是说 (that is to say) and 换言之 (in other words - more formal).