The speaker is in a relationship that is slowly slipping away, and he can feel it before it ends. He says "I love you" and hears it back, but then learns that his girlfriend has feelings for a few other guys too. He tries to brush it off, asking whether that's normal, yet the question sounds more like pleading than confidence. He imagines the day he'll have to curse her out and say goodbye, then lists the word in several languages, as if piling up farewells could make it easier.
He compares the love to a rusted bike, an outgrown TV show, a lost toy and a released balloon, all things that simply drift out of a childhood. The mood is hurt, anxious and a little bitter, but also tender. Falling in love is easy, he says, and leaving is hard. In the end he can't choose a clean goodbye, so he settles on "Aloha," which, as the epigraph says, means both goodbye and hello. It leaves the ending open.