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 June 30,				Six months ended June 30,
(in thousands)	2019		2018		2019		2018

Compensation and benefits	$	36,806	$	54,769	$	78,174	$	109,635
Outside fees and services	58,588		68,879		121,169		133,977
Cost of real estate sold	40,276		13,320		42,370		16,499
Technology and telecommunications	8,317		10,852		16,826		20,303
Reimbursable expenses	4,775		9,008		9,271		17,155
Depreciation and amortization	3,879		6,378		8,935		12,831

Total	$	152,641	$	163,206	$	276,745	$	310,400