Josh Clemente: Let’s dive in. July 16, 2021, somehow halfway through July. These months are ripping. Okay. Big week this week. First off, and we’ll have an intro slide in just a minute, I want to welcome Chris Jones to the team. I actually can’t see whether or not he is on the call, but it’s always fun to call these out before the intro slide shows up. Chris is going to be leading our member experience operations, and he’s got great experience across Google, Bear Tooth, which is a startup with hardware, huge number of background experiences that he’s going to bring to the team, which is awesome. Josh Clemente: We’re not in growth mode. We’re not amplifying revenue deliberately, but we did hit it $5 million in all time revenue. And for reference, it took us from June 2019 to November 2020 to hit our first million. So things are accelerating, as you can imagine. And the internet tells me these are denominated in Obama dollars. So happy $5 million revenue, threshold team. Josh Clemente: We’ve improved, this week, the integration between purchases and purchase types, like subscriptions, in Drip. So Drip is like our CRM. It’s our wait list management system and is where we drive all of our communications out to our audience. So this will help with visibility and testing for audience segments, interests, and to provide targeted offers going forward. Josh Clemente: Networking with groups that are developing hardware, so I’ve been doing a lot of this lately. It’s going super, super well. And I just wanted to describe how the conversations have changed. I’ve touched on this over the past few months, but we’re now at the point where we’re essentially universally recognized in the industry. So any introduction always comes with, “I know Levels. I’ve been following you all. Really excited to be in touch.” And obviously, that’s better than, hey, who are you? And what do you do? So this is great. We have basically warm interest to anyone we want at this point, which is just unbelievable. Josh Clemente: We’ve had lots of great progress across Info Architecture V2. So this is a big update to the app. This week, I think we launched the Me page, the bottom nav updates, fixes to the authorizations for Dexcom, day score updates for Dexcom, delivery email updates for Dexcom. We’ve got member names now on the webpages, where we can greet our members directly, which is great. Lots more that happened. I’ll let David drive into that in the product update. Josh Clemente: And then, we also had some nice explorations this week. So new dashboard visuals, which you can see right in the middle there, I think Alan’s going to give us a deep dive in into that, but it is striking, to say the least. Post hoc analytics, Level’s levels for scoring. So this is an attempt, or one option for personalizing the metrics and the scoring that you will see as an individual, based on your own goals and your metabolic fitness level. That’s juar one concept that David was driving into. Josh Clemente: Post hoc analytics are out there, Stripe ID verification. Shout out to Scott for digging into this, which should alleviate our ops team significantly. And then also dove into podcast advertising targets and YouTube partners. Josh Clemente: On the visuals, I want to shout out Danica Patrick. So for those of you that know racing, Danica’s a big name. She’s fantastic. She’s been one of the superstars in that space for a long time, as long as I remember. And I remember at SpaceX, we had a Danica Patrick fan club. So it’s really cool to see her using Levels. That was surprising and awesome. Josh Clemente: We’ve got a huge shout out from these individuals here on Twitter, describing our incredible customer success, or customer service experience, rather. This person had a sensor fail and had one show up 24 hours later on a Saturday and was raving about it. And there were others describing how, in this modern era where e-commerce is like a black hole, you buy something and there’s no one to talk to ever, we’re a shining light. So, thank you, team. Josh Clemente: Great stuff on content. We published the, “Six Ways Metabolic Health Impacts Women’s Health.” This piece, I think, is going to be really, particularly exciting to our members, given that we do skew female and there are a lot of disparities showing up in the data between different groups. So this is awesome that we’re starting to get into that direction. Josh Clemente: David Sinclair posted something exciting, and we had a ton of testimonials pop up under his tweet about CGM’s, just people organically describing their experience with Levels and how it, in this person’s case, he was able to recover his A1C from pre-diabetic levels back to normal in a matter of months using Levels. Josh Clemente: A couple other things, Tom’s going to touch on the metabolic health primary video that’s in work. Swag 2.0 is ready to ship, so those of you who have not yet, can on Notion request either the backpack or the hoodie and the Yeti canteen versus the beanie. That’ll go out. Josh Clemente: Spoke with Ronesh Sinha this week, who is on episode 69 of Dr. Attia’s, “The Drive,” which I highly recommend going and listening to. And I think that covers it. Robert Lustig: Can I just Josh Clemente: Yeah. Robert Lustig: Real quick, Josh, as you were talking about this metabolic health primer, just so you know that I’m working with an international food conglomerate to introduce exactly that at the UN Food Systems Summit in September. So maybe we ought to touch base and get our notes together because we want to be saying the same thing. Josh Clemente: Absolutely. Robert Lustig: This is on my to do list right now. So, it doesn’t seem we should be both recreating the wheel separately. Josh Clemente: Totally. It’s likely that the audience and format will be slightly different, given that this is a ramp up for people with really no metabolic intuition. And so it’s to help people understand. And Tom will give us a little more detail on where things stand. But I definitely agree that the core principles should be shared. So we should get you what we have ASAP and we can discuss what you’re planning to add on top of, and/or correct us if we’re going in the wrong direction. Robert Lustig: It is true. The audiences are very different. We’re talking to food manufacturers, industry conglomerates to try to make metabolic health the north star of food production. And you’re talking about the individual. We’re talking about the corporate, you’re talking about the individual, but the mission and the strategies and the principles should be the same, Josh Clemente: Hundred percent agreed. Yeah, we should definitely sync up on that. Okay. Big welcome to you, Kelly LeVeque. I think everyone on this call likely knows Kelly at this point. She’s been a force to be reckoned with on social and just getting our message out there. And, can’t thank Kelly enough for being a partner to us, and would love to just hear some words from you, Kelly. Thank you for setting some time aside to chat with us. Kelly LeVeque: Oh my goodness. I am so excited that you guys even exist. The fact that I spent almost a decade teaching clients how to use a glucometer from CVS. Clients who weren’t diabetic, getting them some understanding around their blood glucose. There is such, really a wall, for clients when it comes to pricking themselves every day. So having Levels on my clients, I joke with them that it’ll put me out of work, because all I talk about is blood sugar balance. And I give people that checklist in my first few books, “Body Love,” and, “Body Love Every Day.” That’s all it was about is understanding what to eat to balance blood sugar, to elongate your blood sugar curve, really blunt that aggressive spike. Pulling liquid sugar. Kelly LeVeque: And then, you see that, throughout my life, I actually extended that into courses on pregnancy. Because I’ve been pregnant, I’ve had two children, probably have another one. So really, the impact of elevated glucose on fetal development, on birth weight, on delivery, all of those things are impacted. And it’s about blood sugar. And then extending that into our children, just looking at the amount of liquid sugar and sugar that children are consuming, from gummy vitamins to juices and electrolyte drinks that are full of sugar, the Gatorades of our world and things like that. Kelly LeVeque: I am obsessed with Levels. I put my clients on it. But for me, it’s really about understanding for them teaching them how to eat, to balance blood sugar and support that. I talk about the fab four on all of my platforms, which is protein, fat, fiber, and greens. So that’s the mini checklist that we’re all looking for for our kids, for our pregnant women, for adults, for my dad and my mom. Kelly LeVeque: It doesn’t matter your age, it’s we know that being metabolically healthy is great for our brain and how we feel. And so, having this type of a tool has been really important for me to get to a bio individual level with specific clients. And I just couldn’t be more excited to have Levels. And I think because my audience is so primed for blood sugar balance, and I’ve been talking about it for so long, that having this tool, it’s almost like a hot lead, if you will. And people can just come into this funnel with me, and they have the understanding of how to eat to balance blood sugar. Kelly LeVeque: But what is uncovered with Levels that I think is really important is, hey, maybe they’re told that their turmeric latte or their macha latte with oat milk and a sweetener is good for them. Or that their kombucha is a great source of probiotics. And you start to really weed out these foods that are touted as health foods. Kelly LeVeque: Even, I love that the paleo and ketogenic movement has really come out with some amazing products that are lower glycemic, but for some people they’re going to see a spike in blood sugar. And just having that data drives, it’s the why. It gives you the why of understanding why that doesn’t work for them, or why they may be having crash induced cravings, and elevated growlin levels. Kelly LeVeque: And it’s been an amazing experience with working with you guys. And I think when it comes to balancing blood sugar, we really have to focus on those whole foods, when the sugar is wrapped in a fiber cell, and you have to chew, masticate, and digest through it. That’s the best types of sugars and starches for ourselves and for our kids for, like I said, for pregnant women, and for people with metabolic dysfunction. So it’s been an absolute game changer for me, and I’m just so excited to be a part of the team. Any way that I can continue to help is, just call me I’m ready. Josh Clemente: That is a true statement, if I’ve ever heard one. Kelly has been one of the most, I think, supportive partners we’ve got. I see Tom shaking his head. So thank you, Kelly, for continuing to press the message. I know it’s something that you’ve been doing for a lot longer than Levels has been around, but it’s really awesome to yeah, be a partner to you as well. Kelly LeVeque: Cool. Josh Clemente: All right, jumping ahead. Welcome Chris Jones. So Chris is on the call now. I will not read the slide here, but I will just summarize that Chris recently moved to Montana, which brings him near and dear to me, because that’s something I hope to be able to say about myself one day. And he’s going to be leading our member success, member experience, helping to dig into the various projects we have around the life cycle of a person coming into Levels and using Levels, and activating our wait list and other such things, which he has done several times previously in his life. So Chris, welcome to the team, super excited to have you on the forum and would love to hear you intro yourself real quick. Chris Jones: Thanks, Josh. Really, as you can ask my wife, I’ve been walking around all week with just a smile ear to ear on my face. Just, I’m so excited to be part of the journey with Levels. As Kelly talked about, it’s just super exciting what you guys are doing. And to be able to help out in any way I can. I’m just really honored. Chris Jones: Your comment around moving to Montana, I’m a city slicker, so coming up to, can now, and having a ranch in farm country, I am just over my skis around…I got a tractor, a farm truck, a horse trailer. And I have no idea what I’m doing out here, but I’m having lots of fun. And my wife loves being next to her horses every day. Chris Jones: So it’s a challenge, but I’m adapting. But it’s completely different than being in the Bay area. So before I joined, I think I’ve worked probably almost, with almost half of you. So, if I think about my experience as a beta user, I just was so passionate. I just started pinging the team left and right. Hey, have you thought about this? What about this? Here’s my experience. Here’s what I like. Here’s what I don’t like. And it showed me, when I’m willing to do all this work for free, because I believe in the passion and the mission, I’m, that’s where I wanted to be. And it meant a lot to me that, not only did the team take my feedback, but they read it. Sam was commenting on page 36 of my feedback guide. I’m, wow. So that meant a lot to me, personally. Chris Jones: As Josh mentioned, I’ve got a lot of high tech backgrounds, a lot of, I love data. I love support. I love linking it to context from what the user’s doing. A little bit of experience in hardware, so when we go down the hardware or not hardware, I’m going to have lots of opinions and lessons learned, in terms of my experience at Bear Tooth. Chris Jones: But in the end, almost all my roles, I just have a very deep passion for the customer. How can I help make this a better experience, a better product and something, in any way that I can? So, like Kelly, I love helping, and I’m here to help in any way possible. And I’m just so excited to be here. So, thank you everyone for being so welcoming so far. I’m looking forward to meeting all of you that I haven’t met already. Chris Jones: Back to you, Josh. Josh Clemente: Excited to have you, Chris. And for those of you that didn’t [inaudible 00:13:50]. Getting some interference, so someone else…Okay. Yeah. For those of you that didn’t catch it, Chris was describing Sam’s comments on page 36 of his feedback. And so that implies that it was longer than 36 pages, which I think is actually true. We had a little gif on here a few weeks ago of Chris’s feedback, and it was just so detailed, so rigorous. And so, I think oriented around improving the member experience beyond his own experience, which was one of the key signals that we had prior to [crosstalk 00:14:22]. Sam Corcos: The new HQ, or is that for Colorado? Josh Clemente: Sam is somehow unmuted. Okay. Thank you, Chris. Awesome to have you. Quick culture slide. First of all, I’m inconsistent with these. We’re going to try and do better at it, but I want to shout out to Tom and Hao, who both hit their one year anniversaries recently. Happy one year anniversary with Levels. It feels much longer, actually, for both of you, so I think that’s a good thing. Josh Clemente: The second thing, so we’ve got a couple examples here I want to highlight. First of all, Braden and Ben set up a very quick iteration on the inside the company signups. So we have this basic experiment about whether or not people care to consume the information we’re putting up on our, “Inside the Company,” page on the web site. And so, rather than involving engineering, and doing some drawn out process to create that signup flow, they just launched a quick form and linked it there. And they are manually syncing that back into this Notion doc to basically drive awareness in terms of how this is being received. That’s awesome. This is exactly what we need is just rapid experimentation. In many cases, we aren’t entirely sure if this is worth investing engineering resources, and so this is what we mean by experimentation and prioritization. So we can be doing quite a bit there without having to invest significant engineering resources, and as Ben likes to say, it’s okay to be scrappy. Josh Clemente: And then the second thing is, we have an example here of Ben basically punting an initiative that I think Sam recommended to him. And it doesn’t really matter. Josh Clemente: The point here is that Ben is showing an example of pushing back on what can be a shiny object or just a random grenade lobbed over the fence, because it is not the priority. And that’s something thing that I really want to reinforce is that deciding not to do something is actually, in favor of something that is more important, is success. And so, we have a culture here where everyone should feel comfortable doing that. If you’re feeling pressured to take resources from something that you feel is more important and apply them elsewhere, make that known. And it’s not in any way a failure, it’s not insubordination. It’s none of that. It’s just that oftentimes things are not entirely visible to everyone at all layers of the company. And so, use that information that you have and others don’t, and push back, if necessary. So it’s a great example. And thanks to everyone who is not on the slide as well, because I don’t always capture everything that’s happening, week after week. Josh Clemente: David? David Flinner: We spent a decent amount of time fixing the health imports over the last week, which had broken down. This is the automatic import system that lets you import your workouts and your glucose and steps and heart rate from other third party systems, like Apple Health. And John fixed the issues and also launched an internal tool debugger that will let us more quickly solve these, should they crop up in the future, where you can compare the expected data that we should be seeing versus what Levels actually has. So that should be very useful for the ops team, as well, as I think our end members might be able to try this out as well, if we enable it for them on an ad hoc basis. So thanks for that, John. David Flinner: Next slide. David Flinner: Josh alluded to it, but Scott’s been working on a really cool identity verification tool integration with Stripe. This should help us scale, once we do go into growth mode. Right now, ops is a bottleneck, manually checking all the different consults to make sure the ID matches and the selfie matches, things like that. So with Stripe system, we can take ops out of the loop and scale up to a much larger level. This is in progress. David Flinner: Next slide. David Flinner: And the information architecture is doing really well. Me page and Navar are launching today. My Data, Justin is starting that as well. And Alan’s going to give us more on the Thinking Around dashboard. David Flinner: Next slide. David Flinner: And quick call out. The experiment we’re doing with at home blood kit tests is continuing to progress. J.M.’s had some great conversations with True Pill recently on setting up an automated integration with them to facilitate the consults that would in an at home blood kit test, as well as the data delivery that would be buried into the Levels app. So users could track their other metrics outside of glucose and measure them over time. And now that we have that new Me page, that’s going to be the landing page for trends on your health over time. So users can not only get their realtime glucose responses, but they’ll see how they’re trending on things like fasting, insulin, lipids, things like that. Really excited to see this take the next step. And thanks, J.M., for pushing this one. David Flinner: Next slide. David Flinner: All right, handing over to Alan. Alan McLean: Cool. Thanks, David. So lots to go over on design today. I’ll start with the small projects here. So we’re starting to experiment on a little bit about unifying our use of type across the app. This is just an experiment, bringing Levels branded typography in. We want to make sure that the app looks consistent and great on Android and iOS. Starting to, we had some experiments on color. I think we’re starting to zero in on something that will scale out for trends and a pleasing palette. And we’re also starting to sketch out a design briefs template so we could start bringing in some contractors to help us get a little bit more velocity on the design side. Alan McLean: Next slide. Alan McLean: More of the medium size project work this week was, I’m start to work with Dorothy from Airbnb. She’s an amazing partner in talking about community and really just the whole Levels trajectory, in some ways. And so we’re starting to work on a workshop that I hope to send out to the team next week. It’s called the 11 Star workshop. I’ve run it a couple times before, but it’s nice to have someone like Dorothy help me coordinate it, because it originated from Airbnb. So what is a seven star experience for Levels? If one is say, in the Airbnb model, it would be, you knock on the door to the place you’re trying to stay and no one shows up, versus 11 stars might be, Elon Musk shows up and takes you in a rocket to space. What is the threshold of feasibility for Levels, for maybe, what is the perfect day with the Levels experience? So that’s what we’re going to work on today and hopefully have that workshop out to you all next week. Alan McLean: Next slide. Alan McLean: And then large, dashboard. So we’re starting to do a lot of work on the dashboard. Information architecture is in a good spot. We shared a deck in Aloom yesterday. Feel free to jump into that. It’s linked in this deck and it’s also in the design chat room. We started this a while ago and we slowed down to focus on all the little component parts of the information architecture. We’re back onto the dashboard. I’m very excited about it. Lots of iterations there on the left. We’ve arrived at two distinct directions, and I think we’re zeroing in on a preference, but we’re going to start sharing it more within the team to get some feedback. Alan McLean: If you can go to the next slide, please. Alan McLean: So the most straightforward reimagining of a dashboard is a bit more utilitarian, but it’s bringing back and learning from some of the things, some of the dashboard experience we’ve done so far. It’s bringing a big graph back to the homepage. It’s pushing away the metabolic score, potentially. And using that as an opportunity for a big reveal the next day, to recap how things went. Maybe we can make a moment out of the metabolic score reveal, and also use that as an opportunity to address any missing data or anomalies, and so on. In the top right, we’ve got a little panel there for notice, and in the bottom there we’ve got cards. We’ve got content. And the cards are a great opportunity to be flexible. We can put almost anything in there. The burden is on us, though, to keep it interesting, dynamic, and visually compelling. So I think that’s something that we need to discuss. But my hope is that by using cards, we can potentially have a more flexible way of delivering content that doesn’t even necessarily have a home yet. Alan McLean: Next slide. Alan McLean: So an example of what that might look like. On the left, you’ve got the dashboard. In the middle, we’ve got a nice little pull to refresh. And then on the right, as we have things that are a bit more action orientated, we can push notice to people. Here’s a comment from, perhaps a doctor, or something related to your sensor that we need you to action. And so be focusing on action orientated things in the notice panel. And on the left, in those cards, would be content consumption. So that’s pretty straightforward. It’s relatively light. The next one’s quite a bit more divergent from that. Alan McLean: And so next slide, please. Alan McLean: A variation on that is something that’s a little bit more emotive, more immersive representation of how stable your glucose is being through the course of the day. And ideally this would be changing. It’d be motion based, it’d be dynamic, and constantly updating, and perhaps a little bit random as well. And the key attribute, the key things that we know our users need, like the glucose graphs and the cards and the zone responses are there. But the goal, within a slightly more emotive representation, is to make it compelling and really get people coming back often to see their zone responses, to be logging food, and to help them feel what their glucose is doing in their body. Alan McLean: The next slide. Alan McLean: So a couple variations on that. This is all just concept art up at the top here. If you’re doing amazing, maybe these particles are flying slowly and gently. Maybe as it gets, maybe the more volatile your day is, the more movement there is. And perhaps it changes. It starts acquiring some of our color schemes and starts to get a little bit more dynamic. We really want our users to feel the sensor inside, that’s attached to their body. In some ways, we talk about looking inside. And so can we give you a visual representation of what’s going on inside your body? That’s the theme here. That’s the direction that I think David and I are pretty excited about it. We’d want to execute really well to pull that off, but the next slide… Alan McLean: And a couple variations too. We’ve got this big one on the left that I’m very drawn to. If we perhaps, but we could, there’s some variations on how compact it is. We could pack more data in there, but I tend to think that the first goal should be to increase the number of opportunities to get people looking at this experience. And through that, we’ll be able to deliver more value by seeing all this other content below. But we could pack in more data. We’ll continue to experiment. So, there’s a deck that goes into the rationale, a lot of the more design explorations and the kinds of user stories that we’re trying to support here. So please check it out. Josh Clemente: Awesome. David Flinner: Yeah. A couple other things to call out real quick. Thanks, Jeremy, for hooking up subscriptions to relay new subscriptions to Slack, as well as sending purchase events to Drip. I think combined with J.M.’s analytical capabilities, we’re going to start seeing some cool metrics come out of that. Appreciate that. David Flinner: And what else? I think we mentioned most things here. As Josh mentioned, I’m also thinking about scoring. I don’t have any wire frames to show here, but I’ve talked to many of you about this, Jin Liu, Casey, Josh, Alan, but broadly, we think our current scoring model, like the metabolic score, is, it maybe works great for 50,000 people, people who are more in that optimizer or health seeker category. But how do we come up with a scoring system that is scalable and flexible to reach 200 million people, recognizing that there’s a wide spectrum of experiences, and people are at different places in their journey? How can we do something that would be elegant, and resilient, and and simple on the Level side to do, to meet all these people at where they’re at? So lots of thinking still required on this, but I think, largely, the direction we’re going is something we’ve talked about in the past, which is Levels levels. David Flinner: So you might start, there might be a default band that you’re in. If you want to self-select into a more optimizer, if you’re Ben Greenfield or you’re Josh Clemente and you want to jump right into the optimizer phase, you could do that. If you want to start, if you start out and you’re a bit more metabolically at risk, maybe you might start out in a more gentle band. I think it’s largely trying to replicate a little bit of what Peter Attia does, where he baselines you, figures out where you’re at, and then you take baby steps towards improvement. So I’ll try to have some more wire frames for this in the days to come, but that’s my thinking. And if you want to participate on it, please let us know. Alan and Casey and I are going to be discussing this early next week. And that’s it. Josh Clemente: Awesome, great update. And yeah, love the direction with the dashboard. Excited to try those concepts out. Thanks, team. Josh Clemente: Quick hiring update. Not much to touch on here. As you can see, we are still pulling people in and candidates in for engineering, clinical product, and the partnership specialist role that Tom is taking lead on. So please continue to push people our way. Josh Mohrer: Just to close the loop on this, you’ll recall from last week, we did an AB test on these two images. The box image was winning at the end of last week and it ended up winning entirely. So we launched the other 80% with that image. Ended up emailing about 2,300 people. These are folks who had been through the program, but didn’t subscribe, and did not give us a bad NPS score. We got about 30 subscriptions from that. So low, not entirely sure that it was worth the squeeze, but it’s good to know what this thing can do. Josh Mohrer: And then one more slide, just a quick view on recurring subscription revenue, number of subscribers, and churn rate. I’ll start putting these up because I think they should get interesting as well. Thanks. Josh Clemente: Nice. Thank you, J.M. Ben Grynol: Okay. We have lots to get through. So I will hammer on this. Weekly, we’ve surpassed our goal. We’re at $92,000 of recognized revenue, past our goal of 75. Monthly, we’ve already surpassed our goal, so $300,000. We’re at 350 and we’re halfway through the month. No major changes to cash or available debt or runway. Ben Grynol: So next slide, please. Ben Grynol: Okay. So we’re going to do a quick overview of terms because some questions have come up of what each of them means. So cash actually means two things. When we say the word, “cash.`” Cash, when we refer to it as the nine two in the bank, that’s actual cash on hand. That is liquidity that we have access to, to allocate that capital. Ben Grynol: From a reporting perspective, when we say, “cash,” cash versus recognized revenue. Cash is when an order is placed. So somebody comes to the site. They make a purchase. We don’t actually account for that as revenue because we don’t know whether or not that order’s going to be fulfilled. Somebody might ask for a refund. Somebody might not actually make the fulfillment criteria. Somebody might not actually have their order fulfilled by True Pill. And so we don’t actually recognize that revenue. So you can think of a check mark or, from an accounting perspective, that we will recognize revenue once an order is fulfilled through True Pill. Ben Grynol: Burn, what burn is. So very high level, revenue is everything that comes in in a month. We have a whole bunch of expenses, cost of the product, which is cost of goods sold, things like marketing expenses, things like payroll for team. And our burn is our net income or the residual at the end of the month. And so, any good startup as counterintuitive as it is, is in a negative position at the end of the month because you’re trying to grow. Ben Grynol: So there are levers that can be pulled, as far as less spend on marketing, or partnerships, or whatever is being taken to grow. So our burn rate is that residual net income at the end of the month. And so we, our burn, we forecast it for the purpose of revenue as being a… or, runway, sorry, as being a blended rate of the past few quarters. When we report runway, we use $325,000 as our burn to be nice and conservative. And then, runway is the cash in the bank, plus our available debt, divided by our burn rate. And that’s what gives us the roughly five years of runway. So, hopefully that is helpful to everyone. Ben Grynol: Next slide, please. Ben Grynol: So compounding over time, this is just a nice recap. 2019, $45,000 of revenue, 2020, 1.6. And already just over halfway through the year, we’re at 3.5. So, really interesting to see how things compound and this is the way things go, as we are not in growth mode, but things do pick up over time. Ben Grynol: So next slide, please. Ben Grynol: Okay. This is really interesting. So last week, we hit $200,000 of recognized revenue for the week, which was a very significant week, driven by a bunch of conversion codes and initiatives that were undertaken. Took us 13 months to get to the first 200K, took us 12 months to get from 200K to $5 million. That is a very significant delta. What we should take away from this is that we should not be concerned when there are weeks that we are not coming close to $200,000. That is not a new benchmark. We’re not in growth mode. If we have a week where we actually have $55,000 of recognized revenue, that is entirely okay, because we are oscillating and we are very much controlling the levers that get us to some of those numbers. Ben Grynol: So super exciting. We also will, in the future, not too far off, we will have days of $200,000 of recognized revenue, and hours. That’s the way that growth goes. So it takes time, but we will get there. Ben Grynol: Journey to 5 million. So it took us 17 months to get to a million bucks, took double to get to two and a half million, or just over double, three months. And then from two and a half to five was five months. So very cool to see that compounding. That’s growth for the week. Josh Clemente: Nice. Thanks for the deep dive, Ben. Mike D.? Mike Didonato: Awesome, thanks Josh. So real quick update. I think we all know this, but branded swag or merch, it’s really important for most companies, especially ours. If you think about Peloton, their members really love their core product, but then they see their branded merchandise as an extension and part of the product that they like to show off. So with that in mind, we put together a really small swag initiative towards the end of Q1. It q pretty well received. And we decided to do a bigger project. Excited to announce this is ready to ship. So every individual will be able to choose a nice quality hoodie, same quality as the first project. Or an In Case backpack and a beanie or Yeti travel cup. It’s ready to ship. We’re going to start with the team. And then once we’re confident in the process, we’re going to go ahead and roll this out to our subscriber base. Really excited about this. More to come on planning for the next project. Mike Didonato: And then on the right, as we all know, we’re really appreciative of all the help we get, whether that’s a partner, an investor, and often times our members, in the form of feedback about their experience. We love to close the loop with them, send them a gift, oftentimes a copy of, “Metabolical,” or, “why We Get Sick.” Laurie’s been leading these efforts for us, handwritten notes, getting envelopes. So we went ahead and had custom designed mailers and note cards to hopefully make for a more delightful experience for our members and more efficient workflow for Laurie. I think that’s it. I hope I didn’t go too fast. Josh Clemente: Perfect. Love it. Mercy? Mercy Clemente: Okay. I’ll try to be quick. So social update for the past two weeks, we hit 34,000 Instagram followers, 15,000 on Twitter. I won’t go over the key insights from the past couple weeks, but Josh, oh, can you click that video? Mercy Clemente: This center bullet point about Dr. Lustig’s post that he did for us on our social media, on our Instagram. And then we also did a second post about blood sugar crashes. Those did really, really well with our followers, and also members. A lot of followers on Instagram messaged us and commented on the post saying these type of posts on our feed are super helpful to them because it lets them know, well, yes, some of them are not currently in Levels or using the program. It gives them ideas on how to improve, how to make some changes. And they really, really love that. Mercy Clemente: Some of the, sorry…Some of the key things that have happened the past two weeks, people are noticing the importance of walks, seeing connection between sleeping and the recovery score based on Whoop and their high metabolic score. Another thing is, if you’re going to have carbs, pair with healthy fats and proteins. That’s been seen a lot the past week, especially. Yeah. That is a social update from the past two weeks. Josh Clemente: Great. Thank you. Alrighty, Tom. Tom Griffin: All right. So Josh mentioned quickly last week that we are exploring YouTube as a partnerships platform, much in the same way that we approached the podcast platform about a year ago. And there are a lot of differences between these platforms in terms of the content that they produce. But our general approach and the reasons behind that approach are pretty similar. Tom Griffin: So just quickly, we’ll be working with creators in three different ways, very similar to the podcast space, so organic content, affiliate relationships, and paid sponsorships. And the goals of these are, moving from left to right, education/awareness, SEO, so very consistent, again, with our overall content strategy, as well as our initial podcast core strategy. And I would note that, it’s increasingly common for consumers to go to YouTube and search for tech reviews, especially with new products and spaces. And this is why a random unpaid Whoop review video can have literally hundreds of thousands of reviews. Tom Griffin: And then, moving from left to right, as we get into affiliate and paid relationships, the goals shift to revenue and growth, as well as just securing these relationships before competitors do. Tom Griffin: And then, in terms of paid sponsorships, which we haven’t done on YouTube. So, as an example, this video is sponsored by Element T or Levels, which you see in the third panel here. This is analogous to buying podcast advertising, and this is going to be a great way to scale up advertising quickly, and be a more predictable driver of revenue on a monthly basis once we hit growth mode. Tom Griffin: Next slide. Tom Griffin: All right. So this isn’t really partnerships just to be clear, but some of you may have caught wind of us working on this side project the last few months, which was creating an animated video that essentially is a video version of our blog post, “The Ultimate Guide to Metabolic Fitness.” So very foundational concepts, like what is metabolism? What happens when you eat food? What is a glucose spike and insulin resistance, et cetera.? So I’ll be sending this around, hopefully today or early next week, waiting for the final file. And I think it turned out pretty well. It’s far from perfect, but very much a worthwhile experiment. And that was really the goal. It was pretty cheap. And so we wanted to see if this is a project and a process that we can replicate in the future, find out does it perform well, and be distributed across YouTube and social and our blog. Tom Griffin: And yeah, I’m working on a debrief document right now. And there were a lot of learnings. Sorry about that, thought I clicked off FaceTime. And yeah, just namely, that it was difficult to portray complex scientific concepts very accurately via visual. So there’s room for improvement. And I think, no doubt, we’re going to do more of this going forward. So it was a worthwhile experiment. Robert Lustig: Tom? Tom, could you send me the link for that metabolic fitness video that’s on the left there? Tom Griffin: A hundred percent. Already made a note to do that. Robert Lustig: Please do. I would like to see that. Josh Clemente: Awesome. Yeah. Excited for both of those, these projects. Thanks, Tom. All right. Haney? Mike Haney: Yeah. So in content, couple of nice pieces this week. We continue to do different kinds of member spotlight lights. This was a fun one that just randomly came in. One of our members reached out and said, “Hey, I’m training for an Ultra and is there anything I can do content wise?” And so we used this new format we’ve been using, called the Levels diary. Super interesting. He really learned about how to keep his blood sugar stable, and the TLDR is he ended up running twice as far in this Ultra as he thought he was going to. He ran 54 miles. So a really nice piece. Mike Haney: And then the one that you’d called out earlier, Josh,the, “Six Ways Metabolic Health Impacts Women’s Health.” This one is a roundup piece. We’ve got individual pieces out that are deep dives into some of this stuff, but this was a way to put it all together under that subject of women’s health, which I think will be a good piece for PR, and just a good reference piece. Lots of information and that’s one of them that links off to other stuff as well. Mike Haney: And I just wanted to touch on, as an update, I talk a lot about how I think of my job as spinning up machines, building machines to create different aspects of the content. And so I thought I’d just quickly run through some of the machines that we built, some of the folks that we’ve now got on board, who are regularly creating stuff for us. Mike Haney: So you’ve heard me reference, and Casey referenced, this as Revel, which is a content agency, some former magazine folks that I know. Been working on a number of things for us. They’re doing a pilot project to actually make some content right now. And they’re also helping me revamp the newsletter. We’re creating a new template for our biweekly, or probably soon to be weekly, newsletter. Mike Haney: There’s a woman named Aparna Nathan some of you may have come in contact with. She came in originally as a fact checker. She also works for, “Popular Science,” and some other science mags. She’s a phenomenal fact checker, but she’s also taken over my weekly metrics. She goes through all of the dashboards and compiles a spreadsheet for me every week of the metrics. And she’s also the whiz behind our audio. So she reaches out to the VO artist. She posts things. She puts them up in the podcast feed. She just handles all of that on her own. Mike Haney: We’ve also recently onboarded a guy named Chris Irvin. He does some work around keto stuff. He’s a science background dude. He’s been working on creating more of those social posts that Mercy was talking about. The service driven, text based social post, where we’re trying to convey some of the information that’s in the articles, as opposed to just linking to them. So Chris has been creating batches of those for Stacy and I, which has been great. Mike Haney: I just hired a woman named Erin Greenawald, who’s going to take over the Everyone on Content thing that I talked about a couple weeks ago. We’re going to kick off that work by doing interviews with everybody. So this is what she does. She does ghost writing for a lot of tech CEO’s and tech people. So she loves this topic area, all the things that we talked about. So she’s going to start in August, I think, working on that. And I’ll go into more detail in the future about how we’re going to organize that. Mike Haney: And then lastly, there’s a woman whose byline you might have seen on some of our pieces, Caitlin. And I’ve got her working now on research. So a lot of the big pieces that we do, the start of those is just us doing a really deep dive into what research is out there to try to wrap our heads around, what is the story? What’s interesting? What do we know? What do we not know, before we can even create an assignment to then go assign the piece, to then write the piece? So that’s something that I was spending a lot of time doing. And so now Caitlin, who’s a science writer, has been doing that for me. Mike Haney: So I throw her a topic like cannabis and metabolic health. And she went and created a great memo for us and said, turns out that, in that particular instance, it’s pretty mixed. Maybe this doesn’t actually make a great piece, because we don’t have a lot to say about it. And the research is pretty nascent. She recently did a giant memo about eggs, which will inform a piece we’ve got coming about are eggs good or bad for you? So that’s another really useful machine that just helps make the pieces fit better by doing that in the beginning. That’s all for content. Robert Lustig: Don’t you know, that one egg is equivalent to five cigarettes? Mike Haney: You will review this piece, Dr. Lustvig. Robert Lustig: So what the health says. Josh Clemente: Oh, man. Yeah. Looking forward to that piece for sure. I know we have some, I think we have some egg slonkers on this call as well, Andrew. All right. Crushed it. J.M., you’re first up. Josh Mohrer: Has anyone audited Josh’s so-called random name list here? I don’t know. Someone should to do that. Anyway, just buying myself a couple seconds to back process. It is extremely hot here. I’m upstate for this week, which has been nice. Have a great weekend. Josh Clemente: Great. Mercy? Mercy Clemente: Professionally, the design stuff looks so cool. The new dashboard that Alan was showing, that, it looks amazing. Personally, I’m going to making pasta from scratch. So I’m excited to do that. And I’m also excited to probably get terrible scores, but it’ll be worth it. Josh Clemente: Post the data or it didn’t happen. Jhon? Jhon Cruz: Next Tuesday is Independence Day here in Colombia. The celebration is not as big as in the U.S., but anyways, we are going to have a barbecue with some friends here. Josh Clemente: Nice. Enjoy. Scott? Scott Klein: Work wise, really enjoying the design stuff. I’m really hoping we can get to real time, personally, so that the version two can come into play. I am just continuing to get my feet back under me, which is great from being honest. Personally, I have an anti thing, because I got to go move my mother-in-law to a new house. So that’s going to be fantastic for today. Josh Clemente: That’ll be good zone two training, on the bright side. Sam? Sam Corcos: Yeah. I’m most excited about our willingness to make some substantive changes to the app, considering ditching metabolic score, and really shuffling things around and seeing how it goes. Think we’re still very much in the space where we can make those big changes without too many consequences, if it doesn’t go well. So very excited for that. Josh Clemente: I know. Justin? Justin Stanley: I’m looking forward to all the dashboard changes and actually getting the My Data tab stuff started, which has a bunch of changes as well. And personal stuff, training this guy so that he behaves a little bit better when he is hyper. Josh Clemente: Nice. Ben? Ben Grynol: Yeah. Professionally, stoked have Chris here. It’s so cool to see Community, connected first with Chris through Community, and now he’s part of the team. It’s just so cool because this has happened, I think more than once. And it’s just awesome. Also, very stoked on Swag 2.0 because that has taken a long time to get over the finish line. We had a lot of jevels, to sum it up nicely. Personally, we are starting our soccer season in, I think it’s not next week, week after, and we’ve been kicking the ball around. So, really pumped for that. Josh Clemente: Very nice. Alan? Alan McLean: Hey, well today was the, or earlier this week I had my first meeting with a colleague in almost a year and a half, which was Sam, which is great. So that was a big highlight. And personally, we’re getting ready to move. So also packing things in boxes. So also fun, but top of mind, personal life. So- Josh Clemente: That was this week? Man. Scott Klein: Where are you moving to, Alan? Alan McLean: Brooklyn. Scott Klein: Oh, wow. Alan McLean: Yeah. Scott Klein: The big move. Alan McLean: The New York consolidation. [crosstalk 00:46:33]. Josh Clemente: Awesome. Good luck. And best with that travel. Cross continent is big. Chris? Chris Jones: Professionally, I just love the dashboard work Alan’s doing, I just wanted to print out all of those pages and hang them around my office and just stare at them all day long. They’re just…so, it’s incredibly to see that type of work. Personally, this weekend in Whitefish, there is a three day music festival, “Under the Big Sky.” So about 20,000 people. So it’s going to be our first, going out to see live music again. And it’s a pretty big show. So I’m really excited about that. So, be putting my boots on and listen to some good old country music because that’s what I have to do now that I’ve moved out of California. I have to change my podcast, my Spotify. Josh Clemente: Enjoy that. The integration into the local culture is going to be fun. Let’s see for me, I am holding myself accountable here, I have a marathon that I’ve paid money to participate in in November. So that means I have to start running more consistently, which has begun this week. And it is 95 degrees and 90% humidity. So I’m excited to figure out how to survive that. And then professionally, loving the team growth and loving the direction with the app and the experimentation that we’ve got going on in there. Very exciting stuff. Jesse? Jesse Lavine: Yeah. I really love the new unloaded dashboards. Think those are really cool, Bringing all the emotions of blood sugar changes into to your phone. And yeah, really excited to have Chris on board. And John Mayer’s sob rock album drops today. So I’m going to go download that and try not to get too sad. Josh Clemente: Yeah. Wishing you the best. Mike D.? Mike Didonato: Yeah, definitely, the design work. I’ll plus one that. And then this week, I spoke with Campbell for our cultural documentation project. Just really pumped to be part of a company that cares so deeply about this stuff. And then personally, I got down to my mom’s beach house this morning. My sister and her family are in town and it’s the first time we’re all together in quite some time. So excited to spend some time with family. Josh Clemente: Nice. Rob? Robert Lustig: So, personally you see behind me, the woods of east Hampton. Haven’t been here in about four years. My mother passed away, left her house to my sister and I, so it’s my first time back. So lots of memories. And it’ll be an interesting 10 days. Professionally, I’m on this food thing, as you know, and this food thing is about to blow up. One international food conglomerate, which makes juice, has just declared war on juice. Josh Clemente: Exciting development. We’d like to learn more. Robert Lustig: Yeah, well, I’d like to learn more too. It be more than interesting. Josh Clemente: Well, this food thing is moving quick. So thanks for leading the charge and enjoy the 10 days. That sounds like a nice escape. Gabriel? Gabriel: Yeah. So professionally, really excited about the new dashboard and all the visual changes that are happening in the app. I think it’s great. Personally, my wife is out in the van in Wyoming somewhere right now, and is having some issues with the van. So I’m scrambling to put together a last minute trip to maybe go out and help. So I’m both excited and apprehensive about that. Josh Clemente: You’ll have to combine forces with Chandler out there, if you do. Good luck. Tom? Tom Griffin: A lot of things. Excited that Chris is joining, really excited about his experience. The designs make me extremely excited. And I feel like Alan has just done an awesome job of soliciting feedback. Anytime I review anything, he DM’S me on Slack and we have a great conversation about it. So I really appreciate that. Incentivizes me to provide feedback. Pumped that Alan’s moving to Brooklyn. Shout out to Kelly for joining today. She’s been the best partner in the world. And then personally, a lot, but I think I’ll go with that I’ve been working in coffee shops again this week for the first time since pre-pandemic. And I’ve noticed that I focus about two times as well in coffee shops. I don’t think I’ve always been that way, but I think that the juxtaposition is producing some weird effect, which I like. Josh Clemente: That is an interesting effect of being around other people and lots of chaos. I think Sam would disagree with you. Let him know if you need some focus goggles. I’m sure he has an extra set laying around. Hao? Hao Li: Yeah, very excited about Chris joining us and also very excited to receive my Level spinyy. And personally, I’m going to plan my cross country trip over the weekend for late September. Josh Clemente: Very cool. Kelly. Wasn’t able to stick around. Hane? Mike Haney: Professionally, also love the designs. But I’m also going to go with Tom did a good shout on Slack for the podcast episode this week with Josh and Sam. So I listened to that and I just want to say that I also agree that that was just really cool. It was really vulnerable and honest and interesting, I think, both to people in the company and outside. And the other thing I really noticed about that, this has been true lately, is Ben is a really good podcast host, both a lovely voice to listen to, but the questions, the explanation, the probing, it’s a hard job to do. And I think he’s doing it really well. It makes the podcast really enjoyable to listen to. Personally, my wife’s out of town this weekend. So we’re trying to plan a really busy, fun daddy, Arthur weekend. Trying to come up with some fun stuff to do. Josh Clemente: Well, glad the episode was enjoyable. That was definitely an experiment, in and of itself. So thanks, everyone, for the feedback. Enjoy the weekend, Haney. Laurie, Laurie Morrison: It’s been a few weeks. I’ve been gone on Friday mornings and gosh, it’s great to hear all the updates. The design is amazing. The content sounds great. It was wonderful to hear Cal. I could go on and on. It’s just good to be back. Personally. It’s going to sound strange, but I went to a funeral yesterday for a great aunt and she was the matriarch of our family. 99 in a few weeks, and she passed. It was expected and there was a slow grieving process as you know, when someone is ill. But to see family, to be with family, to grieve together was actually a very comforting thing. And we’ve been spending a lot of weekends with family and friends that we haven’t seen in a year and a half. So being with extended family, it felt like a gracious gift. And it was good to remember a woman who’d been around for nearly a hundred years. So I found that a great joy. Josh Clemente: Well, I’m sorry for your loss. Glad you have such a strong family there locally that can grieve together. That’s- Laurie Morrison: Thank you. Josh Clemente: That’s rare. And great. Miz, go ahead and close this out. I think Stacy’s not with us today. Michael Mizrahi: Thanks for sharing, Laurie. It’s very nice to hear. On my end, I’m going to plus one on Tom for the call coffee shop productivity. A shout out to Psych Glass. I was there had three or four times this week, and really finding flow. It’s nice to work outside the home. And so if anyone’s experimenting with that, I highly recommend it. Michael Mizrahi: On the work side, very excited to have Chris on board. Welcome, Chris. Brings a tremendous amount of experience and insights and really excited for him to level us up in a pretty meaningful way. So looking forward to getting started there. Michael Mizrahi: And then on the personal side, it’s been one of the coldest winters in San Francisco in my seven years here. I think we set record lows, unfortunately, in the high forties. And so getting up north this weekend for something a little bucolic, going blueberry picking with probably a bunch of toddlers, but going to have fun. Looking forward to some sun. Josh Clemente: Send some of that this way. We need a polar vortex on this side of the country. All right. We did it. Very full week this week. We went over by two minutes. So it’s interesting to see how these meetings oscillate, but thanks our everyone for crushing it and big week. And with that, I will go ahead and stop the share.
July 16, 2021
Friday Forum is an All Hands meeting for the Levels team, where they discuss their progress and traction each week.