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, cost of real estate sold, 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 September 30,				Nine months ended September 30,
(in thousands)	2017		2016		2017		2016

Compensation and benefits	$	60,332	$	66,357	$	186,090	$	201,193
Outside fees and services	83,670		77,445		250,883		222,574
Cost of real estate sold	4,411		—		16,461		—
Reimbursable expenses	9,866		12,080		31,786		41,317
Technology and telecommunications	10,389		11,502		32,681		32,145
Depreciation and amortization	6,230		6,618		20,343		20,007

Total	$	174,898	$	174,002	$	538,244	$	517,236