Excel's default file format is XLSX, which is a compressed (zipped) XML (eXtensible Markup Language) file. But save the same spreadsheet as XLSB (B for Binary) and it takes about half the space and loads much faster, particularly from a remote file server.
This has been around for over ten years and I've seen it in the "Save As..." dialog box, but had no clue it was really a coupon for 50% off.
https://blogs.msdn.microsoft.com/dmahugh/2006/08/22/new-binary-file-format-for-spreadsheets
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