Ultrasonic signals can be conveniently recorded using modern high-speed analog-to-digital converters and analyzed through digital signal processing algorithms. Sometimes, in some applications, such as in bioacoustics, it is necessary to convert digital data to analog signals with a special transformation that allows compressing and translating the spectrum toward audible frequencies. The process is called time expansion and can be conveniently achieved by slowing down the frequency clock of a digital-to-analog converter. This paper analyzes in detail the spectral characteristics of a time-expanded signal.