2003 Yamaha 40 hp

Took boat out for the first time this year. Ran great, then started to lose power. I observed water coming from vent port on top of carb and it died. Fuel bulb was good and it cranked right up. Thinking moisture in the air intake housing caused the problem. Took it home, put the ears on it. Purrs like a kitten. What am I missing?

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