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To extract the last name from a list of names, use the formula: =TEXTAFTER(A1, " ", -1). Here, "A1" refers to the cell containing the name, and the delimiter is a space (" ") indicating the separation between first, middle, and last names. The instance number "-1" specifies that we want the last occurrence of the delimiter, which allows us to capture the last name. After entering this formula, you can copy it down to apply it to other cells in the column.