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To extract the last name from a list of names, use the TEXTAFTER function. The first argument is the cell containing the name, followed by a comma. The second argument specifies the delimiter, which is a space (" "), enabling the function to identify the separation between first, middle, and last names. After that, include the instance number as -1 to focus on the last name. Finally, close the parenthesis to complete the formula and copy it into the adjacent cells to apply it to other names.