diff --git a/MaterialComponents.podspec b/MaterialComponents.podspec
index 038e30944..1669d5a75 100644
--- a/MaterialComponents.podspec
+++ b/MaterialComponents.podspec
@@ -2,7 +2,7 @@ load 'scripts/generated/icons.rb'
 
 Pod::Spec.new do |mdc|
   mdc.name         = "MaterialComponents"
-  mdc.version      = "118.0.1"
+  mdc.version      = "118.1.0"
   mdc.authors      = "The Material Components authors."
   mdc.summary      = "A collection of stand-alone production-ready UI libraries focused on design details."
   mdc.homepage     = "https://github.com/material-components/material-components-ios"
diff --git a/MaterialComponentsEarlGreyTests.podspec b/MaterialComponentsEarlGreyTests.podspec
index 4eab4a78e..2e47d31f1 100644
--- a/MaterialComponentsEarlGreyTests.podspec
+++ b/MaterialComponentsEarlGreyTests.podspec
@@ -1,6 +1,6 @@
 Pod::Spec.new do |s|
   s.name         = "MaterialComponentsEarlGreyTests"
-  s.version      = "118.0.1"
+  s.version      = "118.1.0"
   s.authors      = "The Material Components authors."
   s.summary      = "This spec is an aggregate of all the Material Components EarlGrey tests."
   s.description  = "This spec is made for use in the MDC Catalog."
diff --git a/MaterialComponentsExamples.podspec b/MaterialComponentsExamples.podspec
index 3b90331e2..2be703043 100644
--- a/MaterialComponentsExamples.podspec
+++ b/MaterialComponentsExamples.podspec
@@ -1,6 +1,6 @@
 Pod::Spec.new do |s|
   s.name         = "MaterialComponentsExamples"
-  s.version      = "118.0.1"
+  s.version      = "118.1.0"
   s.authors      = "The Material Components authors."
   s.summary      = "This spec is an aggregate of all the Material Components examples."
   s.description  = "This spec is made for use in the MDC Catalog. Used in conjunction with CatalogByConvention we create our Material Catalog."
diff --git a/MaterialComponentsSnapshotTests.podspec b/MaterialComponentsSnapshotTests.podspec
index 14661a776..c1050b8ae 100644
--- a/MaterialComponentsSnapshotTests.podspec
+++ b/MaterialComponentsSnapshotTests.podspec
@@ -53,7 +53,7 @@ end
 
 Pod::Spec.new do |s|
   s.name         = "MaterialComponentsSnapshotTests"
-  s.version      = "118.0.1"
+  s.version      = "118.1.0"
   s.authors      = "The Material Components authors."
   s.summary      = "This spec is an aggregate of all the Material Components snapshot tests."
   s.homepage     = "https://github.com/material-components/material-components-ios"
diff --git a/VERSION b/VERSION
index 9ca52fceb..2de8cc12e 100644
--- a/VERSION
+++ b/VERSION
@@ -1 +1 @@
-118.0.1
+118.1.0
diff --git a/catalog/MDCCatalog/Info.plist b/catalog/MDCCatalog/Info.plist
index 34b4c4e70..66e3de40e 100644
--- a/catalog/MDCCatalog/Info.plist
+++ b/catalog/MDCCatalog/Info.plist
@@ -15,11 +15,11 @@
 	<key>CFBundlePackageType</key>
 	<string>APPL</string>
 	<key>CFBundleShortVersionString</key>
-	<string>118.0.1</string>
+	<string>118.1.0</string>
 	<key>CFBundleSignature</key>
 	<string>????</string>
 	<key>CFBundleVersion</key>
-	<string>118.0.1</string>
+	<string>118.1.0</string>
 	<key>LSRequiresIPhoneOS</key>
 	<true/>
 	<key>UIAppFonts</key>
diff --git a/catalog/MDCDragons/Info.plist b/catalog/MDCDragons/Info.plist
index c7b87a4d7..8dcd14142 100644
--- a/catalog/MDCDragons/Info.plist
+++ b/catalog/MDCDragons/Info.plist
@@ -15,9 +15,9 @@
 	<key>CFBundlePackageType</key>
 	<string>APPL</string>
 	<key>CFBundleShortVersionString</key>
-	<string>118.0.1</string>
+	<string>118.1.0</string>
 	<key>CFBundleVersion</key>
-	<string>118.0.1</string>
+	<string>118.1.0</string>
 	<key>LSRequiresIPhoneOS</key>
 	<true/>
 	<key>UILaunchStoryboardName</key>
diff --git a/catalog/MaterialCatalog/MaterialCatalog.podspec b/catalog/MaterialCatalog/MaterialCatalog.podspec
index 20dbc1847..d09601e0c 100644
--- a/catalog/MaterialCatalog/MaterialCatalog.podspec
+++ b/catalog/MaterialCatalog/MaterialCatalog.podspec
@@ -1,6 +1,6 @@
 Pod::Spec.new do |s|
   s.name         = "MaterialCatalog"
-  s.version      = "118.0.1"
+  s.version      = "118.1.0"
   s.summary      = "Helper Objective-C classes for the MDC catalog."
   s.description  = "This spec is made for use in the MDC Catalog."
   s.homepage     = "https://github.com/material-components/material-components-ios"
diff --git a/components/LibraryInfo/src/MDCLibraryInfo.m b/components/LibraryInfo/src/MDCLibraryInfo.m
index 5cd7ce7aa..e05fa41a9 100644
--- a/components/LibraryInfo/src/MDCLibraryInfo.m
+++ b/components/LibraryInfo/src/MDCLibraryInfo.m
@@ -19,7 +19,7 @@
 // This string is updated automatically as a part of the release process and should not be edited
 // manually. Do not rename this constant or change the formatting without updating the release
 // scripts.
-static NSString* const kMDCLibraryInfoVersionString = @"118.0.1";
+static NSString* const kMDCLibraryInfoVersionString = @"118.1.0";
 
 @implementation MDCLibraryInfo
 
diff --git a/components/LibraryInfo/tests/unit/LibraryInfoTests.m b/components/LibraryInfo/tests/unit/LibraryInfoTests.m
index 36a378887..9cdf1b327 100644
--- a/components/LibraryInfo/tests/unit/LibraryInfoTests.m
+++ b/components/LibraryInfo/tests/unit/LibraryInfoTests.m
@@ -26,7 +26,7 @@
   // Given
 
   // This regex pattern does the following:
-  // Accept: "118.0.1", etc.
+  // Accept: "118.1.0", etc.
   // Reject: "0.0.0", "1.2", "1", "-1.2.3", "Hi, I'm a version 1.2.3", "1.2.3 is my version", etc.
   //
   // Note the major version must be >= 1 since "0.0.0" is used as the version when something goes
diff --git a/demos/supplemental/RemoteImageServiceForMDCDemos.podspec b/demos/supplemental/RemoteImageServiceForMDCDemos.podspec
index d938f66a1..f22046b57 100644
--- a/demos/supplemental/RemoteImageServiceForMDCDemos.podspec
+++ b/demos/supplemental/RemoteImageServiceForMDCDemos.podspec
@@ -1,6 +1,6 @@
 Pod::Spec.new do |s|
   s.name         = "RemoteImageServiceForMDCDemos"
-  s.version      = "118.0.1"
+  s.version      = "118.1.0"
   s.summary      = "A helper image class for the MDC demos."
   s.description  = "This spec is made for use in the MDC demos. It gets images via url."
   s.homepage     = "https://github.com/material-components/material-components-ios"