What is the translation of 'pas de quoi'?

The phrase 'pas de quoi lol beaucoup' contains four French Words, and one Word from text messaging. Its meaning is [you're] very welcome, laugh out loud. In the Word-by-Word translation, the adverb 'pas' means 'not'. The preposition 'de' means 'from, of'. The relative pronun 'quoi' means 'what'. And the adverb 'beaucoup' means 'a great deal'.