As Zd542 said, a CD player is understood to have a built-in DAC, as opposed to a CD transport which provides digital output but not analog output and necessitates having an external device to do the digital to analog conversion.
I can understand your confusion, though, because sometimes when people describe their CD player as having a built-in DAC what they're really trying to describe is that it has digital input in addition to the digital and analog outputs. That allows the player to be used with input from a different digital source, such as a cable TV box, do the digital to analog conversion and output the analog signal to the rest of the system.
I can understand your confusion, though, because sometimes when people describe their CD player as having a built-in DAC what they're really trying to describe is that it has digital input in addition to the digital and analog outputs. That allows the player to be used with input from a different digital source, such as a cable TV box, do the digital to analog conversion and output the analog signal to the rest of the system.