COST OF REVENUE

9 Months Ended

Sep. 30, 2023

Cost of Revenue [Abstract]

COST OF REVENUE

COST OF REVENUE

Cost of revenue principally includes payroll and employee benefits associated with personnel employed in customer service, operations and technology roles, fees paid to external providers related to the provision of services, 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 September 30,				Nine months ended September 30,
(in thousands)	2023		2022		2023		2022
Outside fees and services	$	13,659	$	15,319	$	42,810	$	42,573
Compensation and benefits	9,090		11,885		28,072		39,231
Technology and telecommunications	3,786		4,656		11,048		14,844
Reimbursable expenses	2,039		1,957		6,398		6,158
Depreciation and amortization	450		570		1,356		1,805
Total	$	29,024	$	34,387	$	89,684	$	104,611

Transactions with Related Parties

The Company recognized $0.6 million and $0.3 million for the nine months ended September 30, 2023 and 2022, respectively ($0.2 million and $0.1 million for the third quarter of 2023 and 2022, respectively) of reimbursable expenses relating to services provided to Aldridge Pite. As of September 30, 2023, the Company had no payable to Aldridge Pite.