What an SRT file contains and what is removed
An SRT file is a list of numbered cues. Each cue has a sequence number, a timing line such as 00:01:12,500 --> 00:01:15,200, one or two lines of caption text, and a blank line before the next cue. That structure is exactly what a video player needs and exactly what gets in the way when you want to read or quote the dialogue.
The converter keeps only the caption text. Numbers and timing lines are dropped, and the blank separators are collapsed. Because subtitle authors break sentences across cues to fit the screen, a single sentence often spans two or three cues. The merge option joins consecutive cues with a space so that sentences read naturally instead of being chopped at line length.
Formatting tags that some SRT files carry, such as italics or bold markers, are stripped as well. If the file uses them to mark a narrator or an off-screen voice, that distinction is lost in plain text, which is usually what people want when the goal is a readable transcript.