It can have different nuances depending on the context:
* Literally: This phrase can be used to express that someone is physically absent from your location.
* Emotionally: It can also be used to express that someone is not emotionally present, even if they are physically close.
* Figuratively: It can even be used to express that someone is not supporting or understanding you.
The specific meaning will depend on the context and the tone of voice used when saying it.