What does 'Lorem ipsum' mean?

When scouting around online, or tooling through various document review systems, you may have come across text like the below excerpt which seemingly looks like a passage from a Latin classic.

The literal translation of 'Lorem ipsum' in Latin is 'Thank you yourself'. Text which begins with this phrase is actually placeholder text which is used for test purposes in a document review platform or other application. It may be used to demonstrate fonts in a word processing program.

While based on an essay by the Roman philosopher Cicero, Lorem ipsum text usually consists of scrambled Latin words and has no coherent meaning.