I wanted to thank you.
I got a beer as thanks.
I’d like to thank Spider-Man for taking back the streets and making our city safe again.
The meaning of this word is the same as the kanji, except it has an お before it, which just makes the thing you're saying elevate the other person more. Basically, it's more polite and awesome.
The reading is the same as the one you learned with the kanji.