Merge Replication Snapshot Files

Question

I am using Merge Replication with SQL 2012. I look in the snapshot directory, but the largest file in there is a prc file which is 646 KB.

I know for sure that the biggest of my replicated tables is 25 MB in the database after replicating, so I am not sure I understand why there aren't larger files in the snapshot directory?

Also is there a place I can look for the snapshot files as they are downloaded to the subscriber?

For instance the merge agent outputs messages such as,

Downloaded 100 change(s) in 'tableName' (100 inserts) : 144083 total

I would like to see the data being downloaded and get a feel for how large it is.