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There is no license key - your purchase is tied to the email address you used to purchase the app through the Google Play Store. As long as you log into the store with that same email address, you can reinstall the app without any concerns. Reinstalling the app is easy, but make sure you periodically backup your library in MobileSheetsPro under Settings->Backup and Restore->Backup Library and store it some place safe like the cloud to ensure you never lose your data if something happens to the device.
Mike