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)	2020		2019

Compensation and benefits	$	25,916	$	41,368
Outside fees and services	48,140		62,581
Technology and telecommunications	9,232		9,478
Reimbursable expenses	7,845		4,496
Depreciation and amortization	3,448		4,198
Cost of real estate sold	—		2,094

Total	$	94,581	$	124,215