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In this Excel tips video, the presenter explains how to remove formulas while retaining the data. Using a dataset with company revenue, expenses, and net income (calculated as revenue minus expenses), the process is demonstrated. To remove the formulas, the user selects the entire dataset, copies it, then right-clicks to access the "Paste Special" option. In the dialog box, they select "Values" and click OK. This action replaces the formulas with their respective values, so the formula bar now only displays the net income value, not the formula itself. The tutorial aims to streamline data management in Excel.