Per Brilioth: Welcome everyone to VNV Global's Q3 conference call. I am Per, CEO, and I am joined by my colleagues, Björn and Dennis. We thought we would go over the report and a few comments on the various activities that we are at, and then also some update on the portfolio companies. As most of you, I think know, we will talk for a while, and then we will take questions. The questions, we handle by you put them into the Zoom question function, and we will pick them up at the end and have a go at answering them. With that, I think we kick off, and I hand it over to Björn to get us going.
Björn von Sivers: Thank you, Per. Yes, I will start with a few numbers here. NAV in the quarter came in at $439 million or $3.43 per share, which is 34.2 SEK per share, down 2% in SEK over the quarter or roughly 5% in dollar terms during the quarter. If we go to the next slide, we can see that our total investment portfolio now amounts to $459 million, of which $446 is investments and $13.3 cash and cash equivalent. In addition to that $13 million of cash and cash equivalent, we also have short-term investments showing up on the investment line of approximately $8 million. All in all, liquidity as per the end of the third quarter is approximately $22 million. Borrowings similar to last quarter amounts to roughly $26.4 million, which is the remaining outstanding bond we have.
Björn von Sivers: We are still continuing to trade at a significant discount of approximately 60% given the 30 September NAV and 18.50 SEK per share, which is the current trading as of today. If we go to the next slide, we can also quickly walk through the main fair value drivers over the quarter before getting back to the specific portfolio companies. But starting from the top, we have BlaBlaCar, which is valued at $115 million based on model, down roughly 5% during the quarter, primarily driven by lower peer multiples in this report, as Dennis will come back to. We exclude revenues from operated bus wind-down and BlaBlaCar Daily, which company currently sold, and it is valued on the NTM forward-looking basis.
Björn von Sivers: Moving to the next company, Voi, also valued on the model-based valuation at $101 million for Voi's stake, down roughly 4% during the quarter. Here, I think Dennis will touch upon a revised valuation approach where we have emphasized more weight on Lime, which is now listed in the US as the closest peer in the listed universe. HousingAnywhere flat during the quarter, valued at $39 million based on a transaction which closed early this year. Similarly to Breadfast, also flat during the quarter, valued at $30 million, also based on a transaction which closed during the H1 2026. Next up is Numan, where we have the largest relative valuation change, and also in absolute terms, down 26% over the quarter or $9 million.
Björn von Sivers: This write-down is reflected still also based on the valuation model, and here we have both weaker peer multiples, and also lower certainty in terms of the forward-looking outlook for the company given some volatility in the UK market in the weight loss space. Finally, among the larger companies, we have Bokadirekt, which is continued to be valued on a model base and down roughly 7% during the quarter, primarily driven by weaker peer multiples. All in all, these six companies represent roughly 26 SEK per share in aggregate or roughly just below 80% of the NAV. Finally, going back on the cash and cash equivalent position, as I mentioned, $30 million of cash and another nine on the investment portfolio in short-term investments.
Björn von Sivers: As mentioned in the report, in the management report, we also have another $11 million in a way that we expect to hit our accounts during the Q4 coming from the exits of NoTraffic and Ovoko. With that, I will hand it back to Per and Dennis, who will start with the portfolio companies. Thanks.
Per Brilioth: Yeah. Thanks, Björn. As a starting point, the portfolio or initiative version of what Björn talked about, portfolio is similar to what you have been used to and what you want to say. At large, the portfolio is doing really well. I think as you can sound certainly from Voi, we will come back to that, but also BlaBlaCar really in a very good spot. I think the only one is Numan. We will come back to that, too, where the overall sector, due to some pricing hikes, is in a wobbly patch, but we see that maturing, I think, rather soon. I think Numan is in a really good position to pick up again. At large, portfolio is doing better than for a very long time.
Per Brilioth: Valuations, as Björn was on about, I think Dennis will touch upon, especially on Voi, is more driven by peer multiples with different dynamics at play. We trade at roughly 50% discount, which has been the norm for a while now. We think about this a lot. We are trying to take advantage of the opportunity by buying back stock to try to make use of the opportunity that this gives rise to. The portfolio is still very profitable. The discount should not at least be driven by a fear that the portfolio companies are consuming cash and needs to fund themselves from its current shareholder base. That is not the case. This portfolio has become profitable and remains profitable, as this picture shows. That profitability has not come on the back of growth tailing off.
Per Brilioth: Its growth is there, at the top level, this is the top 6 companies in the portfolio. Those companies have provided growth over these past years of 27% at the top line, then of course, much higher at the bottom line. Interestingly, I think these top 6 companies generate to us $8.5 million of earnings, which is, of course, not earnings yet to the level which is then transferred to us through dividends. That is not far in the future. If these earnings would have been mature enough to also be transferred as dividends, then, of course, for only these top 6 companies, these kind of figures would basically pay for our entire OpEx and then leave room to buy back a lot of stock. If you look beyond the 2026 year here, which we are soon ending, we see growth continuing.
Per Brilioth: If you compare our market cap to what we see these top 6 companies generating as EBITDA to us, you are looking at us trading at a P/E of 9 or price to EBITDA of around 9. So interesting, I think, that is not counting the large portfolio outside of these 6. As we spoke about, for those of you who attended our CMD, annual course that we have talked about for a few quarters now. We are really busy in setting up a separate business unit, you could say, which essentially moves new investments off the balance sheet of VNV Global. But with the shareholders of VNV Global set to benefit because these off-balance sheet vehicles and funds and what have you, will be run by Aflot and hence fees and profit share goes back to the VNV Global.
Per Brilioth: This effort is partly driven by a need or an ambition to reduce the net OpEx of the company that we run. But also over time to generate cash flow and profit share to us. This, we think, is entirely possible because whilst we cannot invest cash in any meaningful way, at least at the balance sheet, because the cash we generate, Björn spoke about them, we have written about that. We have sold stuff for about SEK 100 million, $11 million very recently. That cash, there is nothing better for us to do risk-reward-wise than to buy back our own stock.
Per Brilioth: We think from the NAV level, we will be able to generate serious returns, and if you can buy that kind of potential with the sort of transparency and closeness that we have with these companies at half the price, then it is very difficult to find anything that compares to that. At the same time, we have been at it, investing, and we have a deal flow that we think is very attractive. Hence generating capacity to pick up on that deal flow, but off the balance sheet with this sort of economics benefits that we just talked about. We are hard at work on that. We are exploring opportunities around sort of vehicles around our existing holdings, the larger holdings, all of them, to capitalize on opportunity sets around those cap tables, shares, et cetera.
Per Brilioth: We are certainly large, and we think we have a very good handle on all these companies, so we are good to partner up with in sort of more single stock or sector SPVs, very much around our own portfolio. We also have a very clear and a well-advanced ambition, I think is the way to frame it, to also launch a proper fund.
Per Brilioth: The very natural first fund for us to launch would be going back to our emerging market historical starting point and historical performance, which is an area where if you just take out what we have done in emerging markets over these past decades, we have invested about EUR 200 and sold for about EUR 1 billion, and that sort of works out to be just shy of 40% annual return IRR and a 5x money on invested capital. It is only when you dilute that with the current portfolio, which is more, of course, predominantly Western Europe. As you can sense, we think that then you get to a different IRR. I think that also has a very high potential that we are on the cusp of seeing being revalued. So that will pick up too.
Per Brilioth: The left part of this slide gives you the picture why we think there is a possibility for us to raise money in a fund that focuses on emerging markets because the track record we have there is clear. We also think that emerging markets, contrary to common opinions, is that you cannot really do stuff in emerging markets because it is difficult to buy and it is even more difficult to sell. I think that is a common perception. In reality, there is a ton of capital markets activity going on in the classical emerging markets. We also have a very long experience of both getting involved, sometimes at earlier stage, the focus of this vehicle, this fund is actually not to get involved super early, but to only get involved in companies that are already profitable.
Per Brilioth: But we also have a long experience of selling emerging market companies in IPOs, selling them to strategics, but also selling them to other financial investors, like we did with the real estate vertical that we used to own in the UAE, which we sold to General Atlantic. And why emerging markets? I think just touch upon that, simply because a very large part of the growth for the next decade or 2 will come from emerging markets. And this is emerging markets outside of China and India, which you probably won't see as our primary sort of hunting grounds. We're mostly active in countries outside of those 2 sort of mega geographies. But growth will be high, and at the same time, competition is low. Like as compared to the share of GDP in these countries, the VC funding that they attract it's a fraction. So there's less competition.
Per Brilioth: This means that there's less competition for the companies that are active there. There's also less competition in terms of providing of risk capital to them, and consequence of that is that the valuations are much more attractive. Anyway, so this is just a few of the thoughts that we have, which is the background to what we're working on to launch a vehicle like this, which we hope to do in the very near future to be sort of done with all the regulatory work that needs to be prepared in order to launch this and market this. And why we think that we're well-positioned to do this, and hence also to generate cost sharing and then cash flow generating to us, but also significant upside in terms of profit share. So with that, I thought we'd go through the large portfolio holdings.
Per Brilioth: Dennis, do you want to run through the first couple of holdings?
Dennis Mohammad: Yes. Thank you, Per. Starting off with BlaBlaCar. We write down VNV's stake in BlaBlaCar by 5% this quarter to $115 million for VNV's 13.8% stake, with the write-down driven by lower peer multiples. The company has performed above budget year to date on revenues, and even more so on profitability. This over-performance in part shows the countercyclical elements of the business as higher oil prices generates more supply and demand to their platform, and in part shows and is a consequence of product improvements that the company has done over the past year. During the quarter, BlaBlaCar announced that they are selling their short-distance carpool business in France, also called BlaBlaCar Daily, and the deal closed just after the period on 1 October.
Dennis Mohammad: The rationale behind selling Daily is essentially that Daily sat outside of BlaBlaCar's core marketplace DNA as it was built on a SaaS type of business model, selling B2B and B2G to companies and public authorities, while also having a dependence on subsidies. Furthermore, as we announced in Q2, BlaBlaCar is also winding down its operated bus segment. As a reminder, operated bus is a segment where BlaBlaCar has taken risk on supply utilization on the platform, and it has been a low gross margin business that has been unprofitable for them. The wind down on this segment is also progressing as planned and will be completed by year-end.
Dennis Mohammad: With these two, well, exit and shutdowns, 2027 will essentially be a year where BlaBlaCar is a pure marketplace business, resulting in a gross margin of around 90%, up from around 50% last year and a very high EBITDA margin potential over time. At our Capital Markets Day in September, BlaBlaCar's CEO, Nicolas Brusson, put a few numbers on this. As you can see on the right-hand side of this slide, on a pro forma basis, excluding operated bus and BlaBlaCar Daily, the company expects revenues of around 205 to 215 million euros in 2026. This is up around 15% versus 2025, and EBITDA is expected at around 40 to 45 million euros in 2026, which is nearly double that of last year at 23 million, reflecting approximately 20% margin in 2026.
Dennis Mohammad: Nicolas Brusson, the CEO, also shared a long-term EBITDA margin target for BlaBlaCar at 40% to 45%. The path there is essentially built on three levers. It is monetizing high-growth emerging market carpool, in countries such as Brazil, India, and Mexico, where Brazil is the first country to be monetized as we speak. It is growing high-margin verticals in existing markets, such as accommodation in Turkey, and it is doing this while keeping strict OpEx discipline to reach these targets. We very much look forward to keeping you updated on their progress on all of these topics going forward. Moving over to the next slide and to Voi. We write down the value of VNV's stake in Voi by 4% this quarter to $101 million for VNV's 20.8% stake, driven by lower peer multiples.
Dennis Mohammad: Since Voi's main competitor, Lime, went public at the beginning of Q3, we have in this quarter updated the valuation methodology of Voi and introduced Lime as the main constituent in the peer group we use to value Voi. The Lime multiple is adjusted for growth as Voi is growing significantly faster than Lime, which was evident in the Q2 report, which is the last report both companies have issued, where Lime grew 24% and Voi 47%, so roughly twice as fast. We then calibrate the model to put more emphasis on Lime specifically versus the broader mobility peers in the group in order to drive our pre-discount peer multiple. As a reminder, we always apply a discount from this pre-discount level, that you can find in the notes package to the report.
Dennis Mohammad: This discount is there to reflect, for instance, an illiquidity discount as our holdings are not public, differences in size, profitability, and other factors. The pre-discount multiple applied on Voi's NTM adjusted EBITDA has moved from 11.1x in the Q2 report to 7.9x in this Q3 report. Despite an almost 30% lower pre-discount multiple, our Voi stake is only down 4% this quarter, which shows the strong underlying performance of the business, but also the leverage from these levels if and when Lime trades up.
Dennis Mohammad: If we move to the next slide, on the note of Voi's very strong performance, the company last week on 22 October 2026, issued their Q3 2026 report, which showed continued strong top-line growth, growing revenues 53% year-over-year in Q3, with strong operating leverage evident in the 90% growth in adjusted EBITDA and the 132% growth in adjusted EBIT year-over-year. This was all achieved while generating record cash flows from operating activities, which increased to EUR 33.4 million in the Q3 alone. If we take a step back and look at Voi's performance across the past two years, the company has now reported eight consecutive quarters of accelerated growth with a clear margin improvement in parallel.
Dennis Mohammad: The coral red bars that you see on the left-hand side of this slide shows the LTM net revenue growth at the end of each of the past eight quarters, which has grown from 13% in the Q4 2024 on an LTM basis to 47% in the past Q3 2026 report on an LTM basis. The EBITDA margin or adjusted EBITDA margin has improved from 13% to 22% and adjusted EBIT margin from around breakeven to 9% during this period. This truly shows that the investments that the company has been doing in a larger and improved fleet, in constantly improving their software stack for better operations and a better rider experience, as well as their performance in megacities, namely Paris and London, have truly been paying off.
Dennis Mohammad: Now, going to the next slide and the final slide on Voi, which will be familiar to you all. The company has, as you can see, truly started reaching more significant scale with revenues now north of EUR 240 million, adjusted EBITDA of EUR 54 million, and adjusted EBIT of EUR 22 million in the LTM ending Q3 2026. As can be inferred from the leftmost graph on this slide, revenue growth is outpacing fleet growth, and this was also the case in the Q3, where net revenue per vehicle and day was up 10%, despite a 40% increase in active vehicles this quarter. This truly shows that demand is outpacing supply for Voi's services, which is great to see.
Dennis Mohammad: Lastly, on Voi, the company, as we have previously announced also in late September, signed a new EUR 150 million revolving credit facility with Danske Bank, Swedbank, and DNB. On 19 October, it used parts of it to redeem all of its EUR 90 million outstanding senior secured bonds. Moving from the Nordic Bond Market to bank financing gives Voi a more flexible and significantly more cost-efficient funding for continued fleet growth, and it truly shows how financially mature the business has become. This journey has been very impressive, and we believe Voi will soon be in a position to fund its annual growth CapEx entirely from its own cash flows as well. A true milestone for Voi, and we are very excited to keep you updated on this as we go forward.
Dennis Mohammad: If we go to the next slide, moving over to HousingAnywhere, as we are carrying the company on the last transaction from early 2026, the valuation of HousingAnywhere is essentially flat during the quarter at $38.6 million for VNV's 26.2% stake. The company's new CEO, Antonio Intini, who took over the helm last year, presented at VNV's Capital Markets Day now in September, and then revealed that the HousingAnywhere group has done around EUR 39 million of net revenue in the last 12 months, ending July 2026, and EUR 5.6 million of adjusted EBITDA in the same period. The company is investing in a broad range of product improvements, building towards essentially being an AI-native rental platform to cater to the needs of both tenants and landlords.
Dennis Mohammad: Antonio also revealed their new so-called Worry-Free booking proposition that offers tenants zero deposits, and included guarantor and damage protection as well, while landlords get guaranteed rent and damage cover, basically extending HousingAnywhere's role from booking to the full tenancy. We very much look forward to following this development of this new exciting product with HousingAnywhere, and we will keep you updated as we go. If we go to the next slide, the final one from me. Moving on to Numan. We write down the value of VNV's stake in Numan by 26% this quarter to $26.8 million for VNV's 13.5% stake, driven by a combination of lower peer multiples being the main driver, but also revised growth projections on a forward-looking basis. 2026 has been a reset year, I think it is fair to say for Numan.
Dennis Mohammad: The UK weight loss market has been driven by price and heavy promotions, which has pushed up the cost of acquiring customers. Numan's response this year has been to put unit economics ahead of volume during 2026. As I said, this quarter we write down the value of Numan, or our stake, by 26%. This is mainly driven by their, we believe, most relevant peer, Hims & Hers multiple trading down around 20% in the quarter, but as said also due to revised growth projections. Even so, we are still optimistic on the opportunity. The UK has the highest obesity rate in Western Europe, and Numan is one of the few still fully integrated independent players there. Just looking at a few of the data points on the right-hand side of the slide. The total cost of excess weight and obesity in the UK is around $170 billion per year.
Dennis Mohammad: All of that is not cash, but that is the total cost with losses and efficiency, et cetera, being counted in. The out-of-pocket UK consumer spend on health, remember, Numan is an entirely out-of-pocket spend platform, is around $65 billion. This is a large market and Numan should be well-placed to take share going forward as well. That is it from me on Numan, handing it over to Björn to continue with Breadfast and Bokadirekt.
Björn von Sivers: Thank you. Quickly on Breadfast, our quick commerce or online grocery business in Egypt continues to do very well with the core business now 62 fulfillment centers across Cairo serving approximately 500,000 users per month. The company has also recently launched new initiatives in the fintech vertical in terms of Breadfast Pay, and also started with a niche food delivery vertical, which has also shown really nice early traction. The company is flat during the quarter value based on the transaction closed before summer. If we move to the next slide and a quick update on Bokadirekt, our SaaS beauty marketplace here in Sweden also continues to do well. On the graphs here, you can see this figure. They presented at our Capital Markets Day in September.
Björn von Sivers: LTM July figures is roughly net revenue of 220 million SEK, and adjusted cash EBITDA of close to 60 million SEK. We expect the company to continue to grow top line in the similar growth rates, but also continue to increase profitability at a more accelerated rate. The company over the quarter is down slightly, primarily driven by peer multiples. With that, I think we are through the top six companies, and I will hand back to Per and also for the Q&A.
Per Brilioth: Q&A.
Björn von Sivers: Where we have received a few questions already, and as a reminder, use the function here in the Zoom to place your question. Maybe to start, first question, we disclosed two smaller exits in the management report, $11 million coming in Q4. How does the exit pipeline, if any, look beyond that? Provide some color on that.
Per Brilioth: Sorry, I missed you, Björn. Repeat the question.
Björn von Sivers: The question is, in addition to the announced $11 million in exits coming in Q4, how does the additional exit pipeline look like, if any? If we can provide some color on that.
Per Brilioth: Yeah. There is bits and pieces in a similar fashion to the two that we sold now. There is bits and pieces out of that kind of large other chunk of the pie chart that are in the process. So there is one that is looking to IPO, and there is one where there is a trade sale. It is a little early to give numbers on those, but if you add them all up, it could be another 10, I think, realistically, over the next quarter or so. But it is a touch premature. Then there is stuff going on in some of these larger names, which is also early, but I think there will be some transactions in some of these larger names over the course of 2027. But nothing in this year of the larger ones.
Per Brilioth: Of the other ones, maybe something that gets sorted out to the tail end of this year, but probably also more realistic that it is something that happens in the beginning of next year. It is difficult to give any details until we get closer to them. We are very happy with the two that we sold. One of them actually proved to be a 10-bagger, and the other one up a lot. But good investments and good exits and obviously another indication that the NAV holds. I hope that answers that question. Björn, do you want to run through?
Björn von Sivers: Yeah, sure. Then just an additional comment on that. In aggregate, these two exits was done at a slight premium to the last quarter NAV. Then as a follow-up with these $11 million of inflows and potentially more later on, how do you rank as of today, share buybacks versus additional debt reduction and follow-on investments?
Per Brilioth: Share buybacks is where the bulk of our available cash will be used for. That is the main focus for the reasons I talked about before. We are obviously, as we have been for a while now, we have been on a path to make us debt-free, which we essentially are now. But it is not practical to retire the remaining part of the bond until maturity. If opportunities arise, maybe we can buy some back in the market and stuff like that. Otherwise, the debt will mature and the cash we have will be used for that. Then comes buybacks and the odd small thing here and there in supporting the stuff that we talked about. But it is hard to compete with buybacks given where we trade.
Björn von Sivers: Thank you. Another question, I guess, for Dennis. Could you provide some color on the valuation on Numan and the fair value change during the quarter? How much was driven by peers and how much was driven by outlook change?
Dennis Mohammad: Yeah, thank you. The majority here is driven by the peer multiple being down. We specifically mentioned HIMS being down around 20%. HIMS is not the only peer in the peer group, obviously, but the most relevant for sure in terms of having a similar business model. I think around, call it 60% to 70% of the write-down is driven by the peer and the bulk of the balance is driven by lower growth projections in the quarter.
Björn von Sivers: Thank you. Then maybe for Dennis as well, two questions if we can provide some color on the outlook for both BlaBlaCar and Voi. For Voi specifically next year in terms of London and more German tenders. Also if there has been any sort of material impact from the unrest in France during Q4 or not, if we can touch upon that.
Dennis Mohammad: Great. Yeah, thank you. On BlaBlaCar, starting with BlaBlaCar, we did revise BlaBlaCar's outlook upwards slightly in Q3 and on the back of the strong performance that has been year to date. We also think that 2027 will be a year, as I alluded to before, where the low-margin segments of operated bus and BlaBlaCar Daily will be out of the picture, and they can focus on the core again. So we expect higher growth and especially EBITDA growth in 2027, driven by the things that I mentioned, monetizing emerging markets, monetizing high margin verticals, for instance, accommodation, which they have done very successfully in Turkey, and then also keeping this OpEx discipline very strict. The combination of those three leads us to believe that we should see an acceleration into 2027.
Dennis Mohammad: Talking about or looking at Voi, I think the best indication one can give here is the very successful debt refinancing. From the Nordic Bond Market to the RCF, to now have access to a EUR 150 million facility for next year, which means they have. That combined with the large cash pile that they sit on currently, just at the end of high season, means they have ample room to invest and to sit growth into 2027. The exact decisions around that are being made currently. The CapEx window is essentially around this time of year. But we see a lot of opportunities, not only in Paris and London, which are high growth markets for us, but as alluded to in the question, a lot of German cities are moving towards a tendered model now where we believe Voi is in a great position to win those tenders.
Dennis Mohammad: Frankfurt being one of the first ones and the largest ones so far where Voi was successful. We think that there is good reason to believe that Voi will continue growing at a fast rate in 2027 as well. Specifically on the unrest in France, Voi has had some of its vehicles in Paris particularly being impacted, but it is not to the level or degree that it significantly impacts the team now. It is very small in the grand scheme of things, so far at least. But it is obviously a situation that we keep a close eye on, I would say.
Björn von Sivers: Thank you. I think we have gone through most of it. Maybe a final question here on this potential, the fund and the SPVs on how one should think about the split of economics in these vehicles. Is everything going to VNV, or is it a split with the team, et cetera? So maybe, Per, if you could just provide a little bit color on the thinking about.
Per Brilioth: Yeah. I think we follow established fee levels established from the fund industry, which is two and 20 for funds and for continuation vehicles, which I think is the best way to describe these sort of single stock SPVs that we have on the table. It is more like one and 10 or cost plus 10. Yeah, nothing has been set in stone, but that is a description of the market, I think, at large out there. The sort of vehicles and funds that we are setting up and we are running the economics of that, those will all go to VNV. Us lot here and our colleagues will manage that as part of the work we do at VNV. So VNV is the beneficiary of that. We share some of the economics when we have sort of external advisory boards. But that is really for our vehicles. That is not very large.
Per Brilioth: VNV retains the absolute bulk of that, and the team at VNV sort of works at VNV and does not get involved in those. Then we have a few things on the table where we provide institutional cover for investment teams, et cetera, which will run vehicles, et cetera, and there the split is different. But for the ones that we have talked about today, which are us kicking off different sort of vehicles and funds, the economics go straight to VNV. Yeah.
Björn von Sivers: Thank you. I think with that, I think we've gone through all of the questions here I see in the list. So maybe some final remarks from Per.
Per Brilioth: Yeah, thanks for joining. Thanks, Björn and Dennis. What I forgot to say, Dennis reminded me, is that for those of you who didn't attend or couldn't attend the CMD, all those presentations you can find them on our website, I think with links to YouTube videos on those. So please look at those. There are some great presentations by the CEOs of our most important companies. So head to our website to look at those for those of you who haven't yet. But other than that, happy the rest of 2026. You know where to find us if there's anything you want to talk about. And we look forward to talking to you in this format with our Q4 and full 2026 results, which are out when, Björn?
Dennis Mohammad: 28 January.
Per Brilioth: 28 January. Thanks, Dennis. So until then, thank you very much. Bye-bye.
Operator: Goodbye
