This command will Combine all the elements of the selected group into a single graphic.
Commbine is more permanent than making a Group. When you Combine multiple loops or objects together, it becomes one object, and therefore has a single Stats object.
A Combined object cannot be Ungrouped. To break down a Combined object, you must Break Into Loops or Break Into Outer Loops.
In LED Wizard 8, a combined object will be populated as a single object, and have one Stat object associated with it. Perhaps this is a logo with multiple components, or a cloud sign. But as a general guideline, a letter set should be broken down to its individual letters.