After the input stage, the signal gets converted to the digital domain to be processed and then gets converted back to an analogue signal before the analogue output. A pre D/A conversion AES output is also available and can be used simultaneously with the analogue output. The compressor emulation and EQ processing all occur in the digital domain.
When using the mic input the signal is routed through the liquid pre amp and the pre emulation stage but when using the line input the signal bypasses these and is routed straight to the A/D converter and then to the compressor stage. When using the AES input the signal can be routed through the mic pre emulation stage, thus being converted from digital to analogue and then back to digital (so it can pass through the transformer), or it can be routed straight to the compressor stage of the unit.