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In this Excel tips video, the presenter demonstrates how to quickly remove formulas while retaining the data. Using an example with company data, including revenue, expenses, and net income calculated as revenue minus expenses, the process is outlined. To retain the net income values without the formulas, the user needs to select the entire data set, copy it, and then right-click to choose "Paste Special." In the Paste Special dialog, selecting the "Values" option will paste only the values, eliminating the formulas. After this action, the formula bar will display only the values, confirming that the formulas have been removed.