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Nonclassical light beams generated by the degenerate optical parametric oscillator operating below threshold are analyzed in terms of photoelectron-counting sequences. The positive-P representation is used to calculate the generating function for photoelectron statistics in a closed form. This generating function is used to derive expressions for the photoelectron-counting and waitingtime distributions. The dependence of these distributions on mean photon number inside the cavity and e%ciency of detection is studied. The relationship between photoelectron-counting sequence and the photon emission sequence is used to present a simple physical picture of light beams produced by the degenerate parametric oscillator.

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