Suppose $N_t$ is poisson with parameter $\lambda t$. Suppose further that $T_1$ is the random variable that represents the time until the first arrival.
I understand very well that the event $\{N_t = 0 \}$ corresponds to the event $\{T_1 > t \}$ because of course saying that I had no arrivals unitl $t$ implies that the time until the first arrival is greater than $t$. From this relationship I can easily derive the exponential distribution.
My question is: shouldn't the event $\{N_t = 1 \}$ correspond to the event $\{T_1 \leq t \}$? Because saying that in the interval $[0,t]$ we had exactly one arrival is the same as saying that the time until the first arrival is less than or equal to $t$. But then I cannot derive the exponential from this. Where is the catch?