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To extract the last name from a list of names using the TEXTAFTER function in Excel, input the following formula: `=TEXTAFTER(A1, " ", -1)`, where "A1" is the cell containing the name. The first argument is the cell reference, and the second argument specifies the delimiter, which in this case is a space (" "). The "-1" indicates that you want the last instance of the delimiter. After entering the formula, you can copy it down to the other cells to extract last names from the subsequent entries.