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To extract the last name from a list of names using the TEXTAFTER function, start by entering the formula: `=TEXTAFTER(cell, " ", -1)`. The first argument is the cell containing the full name, and the second argument is a delimiter, which is a space (" "). The "-1" specifies that you want to retrieve the last instance after the last space. After entering this formula, you can copy it into the cells below to apply it to the entire list.