The notation $X\sim\text{exp}(1)$ means that $X$ is a random variable that has the exponential distribution with parameter $1$. Thus $X$ randomly takes on a value in the interval $[0,\infty)$, but small values are more likely than large values.
The parameter $\lambda$ governs the exact shape of the distribution. For a distribution with parameter $\lambda$, the mean is $\lambda^{-1}$ and the variance is $\lambda^{-2}$.