I don't know for sure, but yes that would be my guess.
Codec chips are pretty common and can perform at a high level these days. What is a Codec chip? A chip that incorporates both ADC and DAC (and often more) together in one chip.
http://www.ti.com/audio-ic/converters/codec/products.html
I seem to recall the little LSR305's have basically a codec chip that does crossovers, EQ and includes the power amps.
One of my Focusrite recording interfaces the 18i20 has a single chip that does 8 channels of ADC and DAC functions. It works quite well.
You may have missed it, I used it to do 8 loopback recordings of music in a thread a year or so back. I provided digital originals and 8th generation copies thru the device. Results indicated people couldn't pick the original out from the 8th gen copies. So feeding the analog out of a DAC you may have already and getting it digitized an extra time isn't likely to be audible.