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 three months ended March 31:



(in thousands)	2019		2018

Compensation and benefits	$	41,368	$	54,866
Outside fees and services	62,581		65,098
Cost of real estate sold	2,094		3,179
Technology and telecommunications	8,509		9,451
Reimbursable expenses	4,496		8,147
Depreciation and amortization	5,056		6,453

Total	$	124,104	$	147,194