Hello @tfmescia,
First of all thank you for buying the pro version.
No it does not mean you have to purchase the same theme again .You can use it in your site as long as you want it without renewing your subscription.
The message means that you can download the updates and get support for the theme up to 1 year of purchase date. But after one year, you will need to renew your subscription in order to continue downloading updates and get support for the theme .
For more information you can refer to below link:
http://themepalace.com/privacy-policy/
Hope this helps.
Have a good day.
Best Regards!!