Adyen has such high EBITDA margins as an entity. How low would they be willing to go to capture larger US customers where they have to compete with Chase?

We never looked at EBITDA margin when negotiating price, for both new and existing deals. In the beginning and at the very end of my career with Adyen, the absolute amount we were making from each client was the most important thing. Take rate was taken into consideration, but it was not the main factor.