Alan, thank you for seconding my comment. But I would question the reference to the transport's output signal as being analog. Both S/PDIF and AES/EBU signals combine clock, data, and other information into a biphase mark encoded signal. The data that is embedded in that signal corresponds to the 1's and 0's which digitally represent the original analog waveform.
See, for example, page 2 of this paper, starting at the middle of the page.
Regards,
-- Al
See, for example, page 2 of this paper, starting at the middle of the page.
Regards,
-- Al