NOTE 14 — COST OF REVENUE

Cost of revenue principally includes payroll and employee benefits associated with personnel employed in customer service and operations roles, fees paid to external providers related to the provision of services, reimbursable expenses, technology and telecommunications expenses as well as depreciation and amortization of operating assets. The components of cost of revenue were as follows for the three months ended March 31:

(in thousands)	2014		2013

Compensation and benefits	$	52,650	$	32,579
Outside fees and services	52,828		34,895
Reimbursable expenses	28,795		20,266
Technology and telecommunications	8,841		5,491
Depreciation and amortization	4,691		3,731

Total	$	147,805	$	96,962