Bernie Sanders defeated Hillary Clinton in the New Hampshire primary election on Tuesday night — something that was unimaginable just a year ago.

But the Clinton campaign has already released a memo detailing why this loss doesn't matter, in their view. The short version: No state with a significant population of minority voters has voted yet, and the Clinton campaign expects minority voters to go in Clinton's favor. The campaign also argues that only a small number of delegates have been decided so far, and March will be a much bigger month, since far more states will vote.

Will that hold up? It's impossible to say. But here's the Clinton campaign's full memo: