No, they consist of 7 bed channels and a variable (2/4/6) number of height channels. The audio stream consists of a discrete bed layer, which is your standard 7.1 audio stream (for compatibility with non spatial audio systems) and a series of objects and locations. The audio renderer takes those objects, removes them from the bed stream (they were embedded so you get all the audio still if you lack a spatial audio setup) and given the speaker layout, calculates the phasing, volume and mixing effects to play that object in the desired location. The object may play from multiple speakers at different volumes and phases to create the effect.