The .xls format from Excel 97-2003 has hard limits: 65,536 rows, 256 columns, 4,000 cell styles. Data exports that hit the ceiling get silently cut off. Converting to .xlsx lifts every limit and makes the file far smaller.
We converted one source document into every major output format and measured the file that came out. The source was a 37.4 KB DOCX with headings, bold and italic text, a table, numbered and bulleted lists, and one embedded image.
Sizes are from one representative document converted with Pandoc and LibreOffice. Your own files will differ, especially with more images, but the relative ordering holds.
A PDF has no paragraphs. It stores “draw these glyphs at x, y in this font”, often one word or one line at a time, and a scanned page stores only a picture. Drop any PDF to see which kind you have and what its page instructions look like.
Rows beyond 65,536 were never saved into the .xls. The warning signs are easy to spot: we check each sheet and tell you when a sheet ends exactly at the limit, so you know to re-export from the source.
Most workbooks convert with no questions. These are the exceptions, and what we do with each unless you choose otherwise.
Neighbouring converters, with a typical result for each.