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 and the cost of sales of short-term investments in real estate, reimbursable expenses, technology and telecommunications costs as well as depreciation and amortization of operating assets. The components of cost of revenue were as follows:



	Three months ended June 30,				Six months ended June 30,
(in thousands)	2017		2016		2017		2016

Compensation and benefits	$	62,666	$	69,773	$	125,758	$	134,836
Outside fees and services	93,369		73,326		179,263		145,129
Reimbursable expenses	11,891		13,783		21,920		29,237
Technology and telecommunications	10,941		10,703		22,292		20,643
Depreciation and amortization	6,526		6,786		14,113		13,389

Total	$	185,393	$	174,371	$	363,346	$	343,234