The Company provides an allowance for expected credit losses on its nonrental receivables. To measure the expected credit losses, receivables have been grouped based on shared credit risk characteristics as shown in the table below.

Trade and unbilled receivables from contracts with customers have credit risk and the allowance is determined by applying expected credit loss percentages to aging categories based on historical experience that are updated each quarter. The rates may also be adjusted to the extent future events are expected to differ from historical results. In addition, the allowance is adjusted based on information obtained by continued monitoring of individual customer credit.

Short-term receivables from finance companies, other receivables due from manufacturers, and other receivables have not historically resulted in any credit losses to the Company. These receivables are short-term in nature and deemed to be of good credit quality and have no need for any allowance for expected credit losses. Management continually monitors these

receivables and should information be obtained that identifies potential credit risk, an adjustment to the allowance would be made if deemed appropriate.

Trade and unbilled receivables from rental contracts are primarily in the United States and are specifically excluded from the accounting guidance in determining an allowance for expected losses. The Company provides an allowance for these receivables based on historical experience and using credit information obtained from continued monitoring of customer accounts.


	April 30, 2026		January 31, 2026
	(in thousands)
Trade and unbilled receivables from contracts with customers
Trade receivables due from customers	$	49,899	$	55,078
Unbilled receivables	28,170		24,179
Less allowance for expected credit losses	(2,312)		(2,093)
	75,757		77,164

Short-term receivables due from finance companies	17,027		19,227

Trade and unbilled receivables from rental contracts
Trade receivables	3,953		3,987
Unbilled receivables	1,279		928
Less allowance for expected credit losses	(516)		(545)
	4,716		4,370
Other receivables
Due from manufacturers	11,135		24,312
Other	944		1,958
	12,079		26,270
Receivables, net of allowance for expected credit losses	$	109,579	$	127,031


	Agriculture		Construction		Europe		Australia		Total
	(in thousands)
Balance at January 31, 2026	$	515	$	199	$	1,277	$	102	$	2,093
Current expected credit loss provision	42		33		287		25		387
Write-offs charged against allowance	(28)		(33)		(104)		(2)		(167)
Credit loss recoveries collected	13		8		—		—		21
Foreign exchange impact	—		—		(25)		3		(22)
Balance at April 30, 2026	$	542	$	207	$	1,435	$	128	$	2,312


	Agriculture		Construction		Europe		Australia		Total
	(in thousands)
Balance at January 31, 2025	$	605	$	209	$	1,132	$	48	$	1,994
Current expected credit loss provision	4		(15)		182		10		181
Write-offs charged against allowance	(30)		(53)		—		—		(83)
Credit loss recoveries collected	2		6		—		—		8
Foreign exchange impact	—		—		58		1		59
Balance at April 30, 2025	$	581	$	147	$	1,372	$	59	$	2,159

The following table presents impairment losses (recoveries) on receivables arising from sales contracts with customers and receivables arising from rental contracts reflected in Operating Expenses in the Condensed Consolidated Statements of Operations:


	Three Months Ended April 30,
	2026		2025
	(in thousands)
Impairment losses (recoveries) on:
Receivables from sales contracts	$	387	$	181
Receivables from rental contracts	(29)		28
	$	358	$	209