I am trying to figure out a way to save the output of a report to two different formats (PDF and Excel) with a single execution. Does anyone know of a way to do this?

The following does what you want.
Note, use HOLD and not PCHOLD, The reason is if you use PCHOLD in the body of the report it finishes processing immediately after it executes the PCHOLD and returns the output to the browser.
Also there is no option to apply styling to the second hold report, it�s vanilla output.

If you need to style the output then you�ll have to hold the extracted data and run your reports against that, once for each version.

FILEDEF EXCEL DISK C:\TEMP\EXCEL.XLS
FILEDEF PDF DISK C:\TEMP\PDF.PDF
-RUN
TABLE FILE CAR
SUM DEALER_COST
BY MODEL
ON TABLE HOLD AS 'EXCEL' FORMAT EXL2K
END
HOLD AS 'PDF' FORMAT PDF