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This video demonstrates how to use multiple Excel functions to split, manipulate, and rejoin values within a single formula. It starts by showing sample data in column B with text values ending in numbers. The goal is to increment these numbers using values from column C. By using the RIGHT function to extract the number, converting it to a numeric value, and then adding the value from column C, the correct result is achieved. The process involves extracting and manipulating values step-by-step to ensure accurate calculations.