Page 32 has a chart of the number of rigs by year from FY12 to 1H23, along with notes (my highlights below) suggesting that the fleet has grown exponentially over those 11 years at a rate of 8% cascading annual growth rate (CAGR):
The following chart demonstrates that this growth rate is strictly linear. A linear trendline is Excel has an R^2 value of 0.9933, which means the trend fits the data with a high level of certainty. Compare that trendline to the orange line that represents the CAGR of 7.70% (not 8%) that gets you from 84 to 190 in 11 years, but with a very different path.
This may seem like nitpicking, but the inference that they are growing the fleet exponentially can lead to an expectation that the rate of trucks increasing each year is increasing. But it's not - it's increasing at about 9.3 trucks per year. I just found this very disingenuous; am I over-reacting?
Page 32 has a chart of the number of rigs by year from FY12 to...
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