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In this Excel tips video, the presenter explains how to quickly remove formulas while retaining the data. The example used involves a dataset of companies with revenue, expenses, and net income values calculated by subtracting expenses from revenue. To remove the formulas but keep the net income values, the user simply selects the entire dataset, copies it, then right clicks and selects "Paste Special." In the dialog box, choosing the "Values" option eliminates the formulas, pasting values only. After this step, the formula bar displays the values without the formulas, effectively retaining the necessary data.