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The video tutorial demonstrates how to use multiple Excel functions to split, manipulate, and rejoin values within a single formula. The sample data includes text values with numbers at the end in column B. To increment these numbers using the values in column C, the text needs to be extracted, math performed, and values put back together. By using the right function to extract the three characters from the right, the number is obtained in text format. Adding the value from column C converts the text to a number automatically for correct results, but loses padding with zeros.