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)	2019		2018		2017

Compensation and benefits	$	135,502	$	200,486	$	240,487
Outside fees and services	240,796		278,380		325,459
Cost of real estate sold	42,763		47,659		24,398
Technology and telecommunications	36,302		41,588		42,340
Reimbursable expenses	24,172		30,039		39,912
Depreciation and amortization	13,721		24,013		27,269

Total	$	493,256	$	622,165	$	699,865