Our licensing is developer based. That means each developer working in the UI layer of any project that includes telerik components must have a license. This one developer can install on their home desktop, work desktop, home laptop, work laptop, and however many more machines they work on. However, that licensed developer should be the only one using the tool on any machine. If you need more than one developer to use the tool, each developer must be licensed.
Hope this helps to clear it up!
Check out the Telerik Platform - the only platform that combines a rich set of UI tools with powerful cloud services to develop web, hybrid and native mobile apps.