diff --git a/setup.py b/setup.py
index a8fc54dc..76674635 100644
--- a/setup.py
+++ b/setup.py
@@ -13,7 +13,7 @@
 # #   https://bugs.python.org/issue23102
 # dist.Distribution().fetch_build_eggs(['cython'])
 
-VERSION = '0.4.0'
+VERSION = '0.5.0'
 DESCRIPTION = "Orbit is a package for bayesian time series modeling and inference."
 AUTHOR = "Edwin Ng <edwinng@uber.com>, Steve Yang <steve.yang@uber.com>, Huigang Chen <huigang@uber.com>"