At the end of a test the results are collated by the LoadRunner controller. Each of the generators results are collected in a .eve (Event) file and the output messages for the controller are collected in a .mdb (Microsot Access) database. This happens in the directory specified for the results on the controller.
A .lrr (loadrunner results) file is created. The .lrr file is text. The .eve file was text prior to around LoadRunner 7.5, but since then it has been an unpublished compressed format.
When you start the analysis utility it take the information in the .lrr file and the .eve file and creates a .mdb (microsoft access database) or SQL Server database entries which contain each timing record and data point entries. If collation fails at the end of the test you will have only partial results for analysis.