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 for the years ended December 31:



(in thousands)	2018		2017		2016

Compensation and benefits	$	200,486	$	240,487	$	264,796
Outside fees and services	278,380		325,459		301,116
Cost of real estate sold	47,659		24,398		1,040
Reimbursable expenses	30,039		39,912		52,011
Technology and telecommunications	41,588		42,340		44,295
Depreciation and amortization	24,013		27,269		26,787

Total	$	622,165	$	699,865	$	690,045